Armstrong World Industries acquires Plasterform

Armstrong World Industries, Inc. (NYSE: AWI) has acquired the business and assets of Plasterform Inc. Financial terms were not disclosed. Armstrong funded the acquisition with available cash.

Founded in 1987, Plasterform is one of the largest custom composite manufacturers in the world. It manufactures the most extensive line of architectural casting products available, including GRG (Glass Fiber Reinforced Gypsum), GFRC (Glass Fiber Reinforced Concrete), IMS (Interior Molded Stone) and FRP (Fiberglass).

Operating from 130,000 square foot manufacturing facility in Missauaga, Ontario and with 150 employees, Plasterform reported annual revenues of approximately US $10 million.

Armstrong expects to serve existing and future Plasterform customers out of the Mississauga manufacturing facility, as well as through its current distribution channels.

photo credit: Plasterform

News Release

Armstrong World Industries Acquires Plasterform, Inc.

LANCASTER, Pa., May 31, 2018 (GLOBE NEWSWIRE) — Armstrong World Industries, Inc. (NYSE:AWI) today announced that it has acquired the business and assets of Plasterform, Inc., a 31-year manufacturer of ultra-expressive, durable, custom architectural cast ceilings, walls, facades, columns and moldings, located in Mississauga, Ontario, Canada, with annual revenues of roughly $10 million. Plasterform products are made of glass-reinforced gypsum, concrete and polyester resin, and will continue to be sold in Canada, the U.S. and Latin America, now as part of the Armstrong Architectural Specialties custom portfolio. The acquisition enhances AWI’s interior accent capabilities, and further supports the company’s growth strategy of selling into more spaces and selling more into every space.

AWI CEO Vic Grizzle said, “With the unique product and service capabilities of Plasterform, we expand and enrich what is already the broadest portfolio of standard and custom specialty ceilings and walls on the market today. We are excited to welcome Plasterform’s employees, sales team, customers, and business partners to the Armstrong family.”

Armstrong expects to serve existing and future Plasterform customers out of its Mississauga manufacturing facility, as well as through its current distribution channels. Armstrong funded the acquisition with available cash. Financial terms of the transaction were not disclosed.

To learn more about the AWI line of Plasterform architectural solutions, visit www.armstrongceilings.com/plasterform.

Contacts
Investors: Thomas Waters, twaters@armstrongceilings.com or (717) 396-6354
Media: Jennifer Johnson, jenniferjohnson@armstrongceilings.com or (866) 321-6677

About Armstrong World Industries
Armstrong World Industries, Inc. (AWI) is a global leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions.

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Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.