LANCASTER, Pa., July 31, 2018 (GLOBE NEWSWIRE) -- Armstrong World Industries, Inc. (NYSE: AWI) today announced that
it has entered into an agreement to acquire the business and assets of Steel Ceilings, Inc. (SCI), a manufacturer of standard and
custom aluminum and stainless metal ceilings, including architectural, radiant heating and cooling, and security solutions, with
annual revenues of approximately $10 million. The acquisition will advance AWI’s strategy to aggressively penetrate the
architectural specialties segment and provide additional capabilities to sell into more spaces and sell more into every
space. SCI is located in greater Columbus, Ohio, near two other existing AWI manufacturing plants. The transaction is
expected to close in the third quarter of this year.
AWI CEO Vic Grizzle said, “With SCI, we will bolster our manufacturing capacity to meet the growing demand for metal ceilings
and, with radiant and security ceilings in particular, we will add even more capability to our already extensive architectural
specialties portfolio. The operation will also be a great fit in terms of quality and service. We look forward to
completing the transaction and welcoming the SCI team to AWI in the near future.”
Following closing, AWI expects to serve existing and future SCI customers out of the existing Ohio facility and through its
current distribution channels. AWI expects to fund the acquisition with available cash. Financial terms of the
transaction were not disclosed.
To learn more about AWI, visit www.armstrongceilings.com.
Contacts
Investors: Thomas Waters, twaters@armstrongceilings.com or (717) 396-6354
Media: Jennifer Johnson, jenniferjohnson@armstrongceilings.com or (866) 321-6677
Uncertainties Affecting Forward-Looking Statements
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meaning of the Private Securities Litigation Reform Act of 1995. Those statements provide our future expectations or
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meaning in connection with any discussion of future operating or financial performance. Forward-looking statements, by their
nature, address matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or
may not occur in the future. As a result, our actual results may differ materially from our expected results and from those
expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our
actual results to differ materially from those projected, anticipated or implied is included in the “Risk Factors” and
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obligation to update or revise any forward-looking statements beyond what is required under applicable securities
law.