Lancaster, Pa. -- Armstrong Flooring has entered an agreement to sell its wood flooring segment to an affiliate of American Industrial Partners (AIP) for a purchase price of $100 million.
As of October 31, Armstrong Flooring’s wood flooring segment comprised six U.S. manufacturing facilities primarily serving the North American region and approximately 1,700 employees. The transaction is expected to be completed at the end of the fourth quarter of 2018. The net proceeds to the company from the transaction after purchase price adjustments are non-taxable and expected to be $85 to $90 million, which should increase the company’s flexibility to further invest in its growth strategies and other value-enhancing opportunities.