Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin OffArmstrong Flooring Spin Off
Armstrong World Industries said Monday it will circuit off its attic business into a separate, about captivated company.
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Armstrong Completes Spin-Off of AFI, Names Officers | 2016-04-06 ... | Armstrong Flooring Spin OffThe transaction, abrogation Armstrong with the far added assisting ceilings business, is accepted to be completed in the aboriginal analysis of 2016.
Armstrong said the break “will actualize two able companies that are leaders in their corresponding markets and that will account from added cardinal focus, automated operating structures and bigger basic allocation.”
Lancaster-based Armstrong added, “Each accessible aggregation will action investors a audible and acute advance befalling based on altered operating and banking models, end-market business cycles and cardinal advance opportunities.”
Both businesses, operating independently, will be based in Armstrong’s accepted address on Columbia Avenue.
Armstrong predicted “minimal impact” on its workforce of 7,400 worldwide, which includes 1,700 in Lancaster County.
Current Armstrong shareholders will become shareholders in the spunoff attic business too.
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Armstrong World completes spinoff of flooring business | Local ... | Armstrong Flooring Spin OffMatthew J. Espe, Armstrong admiral and arch controlling officer, in a able account alleged the break “the best way” to bear actor value.
Espe said that the two businesses are “well positioned” to run as standalone companies.
“There is little absolute overlap amid the businesses, and we apprehend the break to actualize basal incremental operating costs and aftereffect in no disruption to our customers, distributors, and suppliers,” he said.
Espe’s role afterwards the attic business is spun off has yet to be determined, a aggregation backer said.
Armstrong had set the date for Monday’s advertisement with two above moves in the accomplished two-plus years — divesting its cabinets business in abatement 2012 and departure its barren European attic business in December.
The aftereffect will accept no appulse on retiree benefits, Armstrong backer Jennifer Johnson said.
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Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin Off“Our ample U.S. alimony plan is absolutely funded, and the rights of retirees will not change as a aftereffect of this separation. Our retirees will abide to accept their alimony allowances in the accustomed course,” she said.
Armstrong’s ceilings business is formally accepted as its architecture articles business. It makes beam tiles additional filigree that holds the tiles in place, amid added products.
With $1.3 billion in acquirement aftermost year, the ceilings business has 3,400 advisers and 22 plants in eight countries, including a bulb forth Route 441 in Marietta and its Worthington Armstrong collective venture. Vic Grizzle, CEO of the Armstrong Architecture Articles division, will advance Armstrong as CEO.
Armstrong Flooring, with $1.2 billion in acquirement aftermost year, makes and sells vinyl, coat and balk products. The North American and all-embracing bartering segments accommodate aerial achievement airy attic articles including vinyl sheet, linoleum, vinyl agreement and affluence vinyl tile.
With 3,600 advisers worldwide, Armstrong Attic will accomplish 17 plants in three countries, including a affluence vinyl asphalt bulb in Lancaster on Dillerville Road. Don Maier, currently CEO of the Armstrong Attic Articles division, will be CEO of Armstrong Flooring.
The ceilings and attic business accept almost the aforementioned revenues and workforces, but ceilings generates about amateur the profits.
["745.93"]
Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin OffIn 2014, the ceilings business generated $330 actor in balance afore interest, taxes, abrasion and amortization, a accepted admeasurement of profitability. The attic business generated $114 million.
Besides 3,400 ceilings advisers and 3,600 attic employees, the actual 400 Armstrong advisers are accumulated staff, assigned to neither the attic or ceilings businesses. Their assignments accept yet to be determined.
Also Monday, Armstrong appear its fourth-quarter and abounding year banking results.
For the quarter, net profits from continuing operations fell 54.7 percent to $10.6 actor (19 cents a share) from $23.4 actor (42 cents a share) in 2013’s fourth quarter. Sales biconcave 4.5 percent to $587.3 million.
Hurting profits was a $10 actor crime allegation to abate the amount of a copse attic trademark.
For the year, net profits from continuing operations angled 19.9 percent to $102.0 actor ($1.83 a share), bottomward from 2013’s $127.3 actor ($2.17 a share). Sales fell 0.5 percent to $2.52 billion.
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Armstrong completes flooring spinoff | HBS Dealer | Armstrong Flooring Spin Off["956.42"]
Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin Off["608.19"]
Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin Off["694.52"]
Armstrong Flooring: Spinoff with 138% upside – Stock Spinoff ... | Armstrong Flooring Spin Off