Armstrong Flooring Signs Agreement to Purchase VCT Business of Mannington
Lancaster, PA (May 8, 2017 ) Armstrong Flooring has signed a definitive asset purchase agreement to acquire the vinyl composition tile (VCT) business of Mannington Mills, a nationally recognized hard surface flooring company, for a purchase price of $36 million. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2017. Armstrong Flooring intends to use its existing plant and distribution networks to accommodate the increase in VCT volume to drive top and bottom line benefits through increased scale and capacity utilization.
VCT is a significant category within the hard surface flooring industry. VCT products are widely used in commercial end-markets, especially in educational facilities and mass merchants, as it offers durability and numerous design options at attractive price-points.
“I am pleased to announce this transaction. We have a strong history and deep expertise in VCT which makes this acquisition consistent with our strategy to support our legacy product lines while simultaneously investing in innovation and new growth initiatives,” said Don Maier, president and CEO, Armstrong Flooring.
Armstrong Flooring, Inc. (NYSE: AFI) is
a leading global manufacturer of flooring products and one of the industry’s
most trusted and celebrated brands. The company continually builds on its
resilient, 150-year legacy by delivering on its mission to create a stronger
future for customers through adaptive and inventive solutions. Headquartered in
Lancaster, Pennsylvania, Armstrong Flooring safely and responsibly operates
eight manufacturing facilities globally. Learn more armstrongflooring.com.