LANCASTER, PA – Wood flooring maker Armstrong World Industries will split its flooring business from its ceilings business, creating two independent and publicly traded companies.
The flooring segment will now be called Armstrong Flooring and the ceilings business will continue under the Armstrong World Industries name, according to news reports. The separation should be completed in 2016, pending approval from the Securities and Exchange Commission and the company’s board of directors.
Don Maier, current CEO of Armstrong Flooring Products, will continue to lead the flooring business after the split is approved. Armstrong's wood flooring business segment reported an operating loss of$19.4 million in the fourth quarter of 2014.
Since the company emerged from bankruptcy Armstrong has made multiple moves to increase shareholder value, including reducing expenses, divesting its cabinets and European flooring businesses and investing in growth opportunities. Both companies will remain headquartered in Lancaster.
Have something to say? Share your thoughts with us in the comments below.