LANCASTER, Pa., Sept. 5, 2012 /PRNewswire/ -- Armstrong World Industries, Inc. ("Armstrong") (NYSE: AWI) announces the sale of Patriot Flooring Supply, Inc. to The Belknap White Group, a 35-year-old flooring distributor operating in New England and upstate New York. The transaction closed on September 1, 2012. Patriot, a flooring sales and distribution business that employs 65 people in Wilmington, MA and Pompton Plains, NJ, serves the New England, metropolitan New York and Northern New Jersey markets.
Frank Ready, CEO of Armstrong Flooring Products, said, "Armstrong's strategy is to focus on our core businesses – flooring and ceilings. Patriot distributes hardwood and laminate flooring, and we're in the business of making and marketing floors. So this is a strategic decision that makes sense for all three parties – Armstrong, Patriot and The Belknap White Group. With Patriot, Belknap can strengthen the operations of both businesses for the benefit of the customers they serve in the Northeast. And we will continue to drive our business in North America and around the world for the benefit of all of our stakeholders. It's a win win."
Forward Looking Statement
These materials contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements provide expectations or forecasts of future events. Our outcomes could differ materially due to known and unknown risks and uncertainties, including: lower construction activity reducing our market opportunities; availability and costs for raw materials and energy; risks related to our international trade and business; business combinations among competitors, suppliers and customers; risks related to capital investments and restructurings; reduced 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 try to reduce both the likelihood that these risks will affect our businesses and their potential impact. However, no matter how accurate our foresight, how well we evaluate risks, and how effective we are at mitigating them, it is still possible that one of these problems or some other issue could have an adverse effect on our business, profitability, and the carrying value of assets. We undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law.
Armstrong World Industries, Inc. is a global leader in the design and manufacture of floors, ceilings and cabinets. In 2011, Armstrong's consolidated net sales totaled approximately $2.9 billion. Based in Lancaster, Pa., Armstrong operates 33 plants in eight countries and has approximately 9,300 employees worldwide. For more information, visit www.armstrong.com.
SOURCE Armstrong World Industries, Inc.
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