Armstrong World Industries

Armstrong World Industries, Inc.
TypePublic
NYSEAWI
Russell 1000 Component
IndustryConstruction Materials
FoundedLancaster, Pennsylvania, United States
HeadquartersLancaster, Pennsylvania, United States
Key people
Vic Grizzle, CEO
ProductsCeilings
RevenueDecreaseUS$1.2billion (2016)[1]
IncreaseUS$239.2 million (2011)[2]
IncreaseUS$112.4 million (2011)[2]
Total assetsIncreaseUS$2.995 billion (2011)[2]
Total equityIncreaseUS$1.130 billion (2011)[2]
Number of employees
4,200 (2019)
Websitewww.armstrongceilings.com

Armstrong World Industries, Inc. is a Pennsylvania corporation incorporated in 1891.[3] It is an international designer and manufacturer of walls and ceilings. Based in Lancaster, Pennsylvania, AWI has a global manufacturing network of 26 facilities, including nine plants dedicated to its WAVE joint venture.[4] In 2011, Armstrong's net sales were $2.86 billion, with operating income of $239.2 million.[2]

Armstrong World Industries, Inc. emerged from Chapter 11 reorganization on October 2, 2006.[5] Its stock began trading on the New York Stock Exchange October 18, 2006, under the ticker symbol AWI. The Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust, holds approximately 66% of AWI's outstanding common shares. Armstrong's “Fourth Amended Plan of Reorganization, as Modified,” dated February 21, 2006, and confirmed by U.S. District Court Judge Eduardo Robreno in August 2006,[6] become effective Oct. 2, 2006.[5] The Plan includes a comprehensive settlement resolving AWI's asbestos liability by establishing and funding a trust to compensate all current and future asbestos personal injury claimants. The company had filed for reorganization December 6, 2000,[7] with the federal bankruptcy court in Delaware for reorganization under Chapter 11 because pending asbestos injury claims appeared to exceed the value of the company, and were growing.

“In addition to resolving AWI’s asbestos liability, we used the time in Chapter 11 to restructure our flooring business to make it more competitive,” AWI CEO Michael D. Lockhart said. “We made substantial improvements in our cost structure by closing several plants and streamlining our workforce in the U.S. We have also expanded capacity to manufacture wood flooring, broadened our product lines and improved product quality and customer service.”

On March 27, 2007, Armstrong World Industries, Inc. and NPM Capital N.V. entered into an agreement to sell Tapijtfabriek H. Desseaux N.V. and its subsidiaries, the principal operating companies in Armstrong's European Textile and Sports Flooring business segment, to NPM Capital N.V.[8] The sale was finalized in April 2007.[9]

On February 15, 2007, Armstrong World Industries, Inc. announced that it was initiating a review of its strategic alternatives.[10]

  1. ^ "Armstrong World Industries company profile". Craft. Retrieved 2019-08-19.
  2. ^ a b c d e "Armstrong World Industries, Form 10-K, Annual Report, Filing Date Feb 27, 2012" (PDF). secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  3. ^ "Armstrong World Industries, Form 10-Q, Quarterly Report, Filing Date Oct 29, 2012". secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  4. ^ "Armstrong World Industries, Form 8-K, Current Report, Filing Date Nov 6, 2012" (PDF). secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  5. ^ a b "Armstrong World Industries, Form 8-K, Current Report, Filing Date Oct 2, 2006". secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  6. ^ "Armstrong World Industries, Form 8-K, Current Report, Filing Date Aug 18, 2006" (PDF). secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  7. ^ "Armstrong World Industries, Form 8-K, Current Report, Filing Date Dec 7, 2000". secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  8. ^ "Armstrong World Industries, Form 10-Q, Quarterly Report, Filing Date May 3, 2007" (PDF). secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  9. ^ "Armstrong World Industries, Form 8-K, Current Report, Filing Date Apr 3, 2007". secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)
  10. ^ "Armstrong World Industries, Form 8-K, Current Report, Filing Date Feb 15, 2007" (PDF). secdatabase.com. Retrieved Jan 13, 2013. CS1 maint: discouraged parameter (link)