Armstrong Announces Investments in Hardwood Flooring
LANCASTER, Pa., March 15 / -- Armstrong World Industries, Inc. (Armstrong), the operating subsidiary of Armstrong Holdings, Inc. (BULLETIN BOARD: ACKHQ) , today announced investments that will increase manufacturing capacity and broaden the product portfolio of its hardwood flooring business.
The investments are:
o The acquisition of Capella Engineered Wood LLC - this acquisition will increase Armstrong's U.S. manufacturing capacity and add another brand to the wood portfolio.
o A manufacturing joint venture in China - this investment will also increase manufacturing capacity for engineered wood.
o The acquisition of HomerWood - this investment will expand Armstrong's premium solid wood product offerings to include rapidly growing wide width and hand-scraped products.
"These transactions are part of our program to grow Armstrong's flooring business in North America. The investments will reduce our product cost, increase our manufacturing capacity in engineered wood, and significantly expand our portfolio of premium solid wood products," commented President and CEO of Armstrong Flooring Products Americas, Frank Ready. "We are excited about the potential of these additions to our portfolio to accelerate the profitable growth of our hardwood flooring business."
Armstrong Holdings, Inc. is the parent company of Armstrong World Industries, Inc., a global leader in the design and manufacture of floors, ceilings and cabinets. In 2005, Armstrong's net sales totaled more than $3 billion. Based in Lancaster, PA, Armstrong operates 41 plants in 12 countries and has approximately 15,000 employees worldwide. More information about Armstrong is available on the Internet at http://www.armstrong.com/.
These materials may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements provide expectations or forecasts of future events. Our results could differ materially due to known and unknown risks and uncertainties, including: Armstrong World Industries Inc.'s ("AWI") Chapter 11 case and the magnitude of its asbestos liabilities; claims and legal proceedings, lower construction activity reducing our market opportunities, unavailability and/or increased costs for raw materials and energy; success in introducing new products, achieving manufacturing efficiencies and implementing price increases to offset increased costs; risks related to our international trade and business; labor relations issues; price competition stemming from factors such as worldwide excess industry capacity; business combinations among competitors, suppliers and customers; the loss of business with key customers; and other factors disclosed in our recent reports on Forms 10-K, 10-Q and 8-K filed with the SEC. We undertake no obligation to update any forward-looking statement.
Source: Armstrong Holdings, Inc.
CONTACT: Media Inquiries: Dorothy Brown Smith, Vice President, Corporate
Communication, +1-717-396-5696; or Investor Inquiries: Beth Riley, Director,
Investor Relations, +1-717-396-6354, both of Armstrong
Web site: http://www.armstrong.com/
