Armstrong World Industries
Armstrong World Industries, Inc. is an international designer and manufacturer of floors and ceilings. Based in Lancaster, Pennsylvania, Armstrong operates 40 plants in 10 countries and has approximately 12,300 employees worldwide. In 2006, Armstrong’s net sales were $3.42 billion, with operating income of $210.8 million.
Armstrong World Industries, Inc. emerged from Chapter 11 reorganization on October 2, 2006. 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, become effective Oct. 2, 2006. 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, 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,” Mr. 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 January 11, 2007, Armstrong World Industries, Inc. and NPM Capital N.V. announced they were negotiating the sale of 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. The sale was finalized in April 2007.
On February 15, 2007, Armstrong World Industries, Inc. announced that it was initiating a review of its strategic alternatives.
Read more about Armstrong World Industries: History, Diversions, Environmental Record, Manufacturing Locations, Criticism
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