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Pro Blog

Armstrong Announces Direct Resignations - TPG Capital to be on Armstrong BOD

By FAF Staff Writer, (340 words) Posted in Business on September 2, 2009
There are (24) comments permalink

Armstrong World Industries Inc., manufacturer of flooring, cabinets, ceilings, and walls, recently announced the resignations of four members of the company’s Board of Directors. The director resignations come as no surprise as in August TPG Capital agreed to purchase seven million shares of Armstrong and over one million shares of the Armstrong World Industries Asbestos Personal Injury Settlement Trust. TPG Capital’s investment in Armstrong was shock to many flooring professionals and floor covering industry executives as many of them wondered why would a company like TPG be interested in a flooring manufacturer?

Lancaster, PA, September 1, 2009 ––Armstrong announced the resignations from the company's Board of Directors of Robert C. Garland, Russell F. Peppet, Arthur J. Pergament, and Hon. Alexander M. Sanders, Jr. The resignations are effective September 11, 2009, or such earlier time as successors or replacements are elected or appointed. These directors are submitting their resignations in order to facilitate the addition to the Board of four new directors – two to be designated by Armor TPG Holdings LLC and two to be designated by the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust ("Settlement Trust").

The designation of two directors to the Board by each of Armor TPG Holdings and the Settlement Trust is contemplated by the Shareholders' Agreement, between Armor TPG Holdings and the Settlement Trust, which was executed on August 28, 2009, in connection with the closing of Armor TPG Holdings' acquisition of shares of the company's common stock from the Settlement Trust. The company is not a party to the Shareholders' Agreement. Director-designees proposed by Armor TPG Holdings or the Settlement Trust will be subject to the evaluation and recommendation of the Board's Nominating and Governance Committee prior to their election by the Board.

Chairman and Chief Executive Officer Michael D. Lockhart said, "Alex, Arthur, Rob and Russ joined the Armstrong Board as part of our emergence from bankruptcy in October 2006. In the past three years, they have helped us deal with an extended strategic review process and with an unprecedented market downturn. Their contributions and good–natured collegiality will be missed. We thank them for their contributions and wish them all the best."

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Comments (24)

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Looks like big changes at Armstrongs. Since they just came out of Bankruptcy and had to borrow more money, does anyone know if they are in trouble again?

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