Armstrong to Acquire Steel Ceilings
Armstrong World Industries Inc. announced that it has entered into an agreement to acquire the business and assets of Steel Ceilings Inc., a manufacturer of standard and custom aluminum and stainless metal ceilings, including architectural, radiant heating and cooling, and security solutions, with annual revenues of approximately $10 million. The acquisition will advance AWI’s strategy to aggressively penetrate the architectural specialties segment and provide additional capabilities to sell into more spaces and sell more into every space. SCI is located in greater Columbus, Ohio, near two other existing AWI manufacturing plants. The transaction is expected to close in the third quarter of this year.
AWI CEO Vic Grizzle said, “With SCI, we will bolster our manufacturing capacity to meet the growing demand for metal ceilings and, with radiant and security ceilings in particular, we will add even more capability to our already extensive architectural specialties portfolio. The operation will also be a great fit in terms of quality and service. We look forward to completing the transaction and welcoming the SCI team to AWI in the near future.”
Following closing, AWI expects to serve existing and future SCI customers out of the existing Ohio facility and through its current distribution channels. AWI expects to fund the acquisition with available cash. Financial terms of the transaction were not disclosed.