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Pro Blog

Armstrong Comments on Share Sale to TPG Capital

By FAF Staff Writer, (199 words) Posted in Business on August 17, 2009
There are (141) comments permalink

The recent purchase of shares of flooring manufacturer Armstrong by TPG Capital has the flooring industry buzzing. One of the biggest questions being asked is why would TPG be interested in a flooring manufacturer? One thing is for sure, flooring executives and professionals are sure to be watching this new partnership wondering how this will effect the floor covering industry. Read below for some additional comments from Armstrong's CEO Michael Lockhart.

August 17, 2009 – Lancaster, Pa. –– TPG Capital has agreed to purchase seven million shares of Armstrong World Industries (AWI) and has economic interests in an additional 1,039,777 shares from the Armstrong World Industries Asbestos Personal Injury Settlement Trust. TPG will initiate a tender offer for 4,435,935 shares, or approximately 8 percent, of the company's outstanding shares from investors unaffiliated with the Trust.

"TPG has a proven record of helping companies increase their value through operational improvements and by providing an environment in which the company can better realize its longer term strategic potential," said Michael Lockhart, chairman and CEO. "We believe TPG's involvement should make it easier for AWI to realize its objective to emerge from the downturn better positioned than it was when it entered, and to remain solidly profitable throughout the period."

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