Armstrong World Industries To Buy Architectural Components Group

(RTTNews) - Armstrong World Industries Inc. (AWI) Tuesday said it agreed to buy the business and assets of Architectural Components Group, Inc., a custom wood ceilings and walls company with annual revenues of about $35 million.

ACGI is a premier designer and manufacturer of custom architectural specialty wood ceiling and wall solutions. ACGI capabilities and product solutions will complement and enhance AWI's existing wood ceiling and wall solutions, and further strengthen AWI's market-leading position in the category that is growing double-digits for AWI.

Armstrong CEO Vic Grizzle said, "This acquisition will mark our largest to date and a continuation of our inorganic growth initiatives to increase our participation in the high-value Architectural Specialties segment. With ACGI, we will dramatically expand our Architectural Specialties portfolio and capabilities to meet the growing demand for wood ceilings and walls. We look forward to completing the transaction and welcoming the ACGI team to AWI in the near future."

The transaction is expected to close in the first quarter of 2019 and remains subject to customary closing conditions. Armstrong will fund the acquisition with available cash. Financial terms of the transaction were not disclosed.