Armstrong To Exit European Flooring Business - Quick Facts

(RTTNews) - Armstrong World Industries Inc. (AWI) announced that, following a review of strategic alternatives, it has decided to exit European flooring business and cease further funding of its DLW subsidiary effective immediately. As a result, DLW management filed for insolvency in Germany.

Armstrong acquired DLW in 1998 to serve as a catalyst for the development of its European flooring business. "Despite investing approximately $150 million in the business since 2007, DLW has been unable to generate profit or achieve its strategic plans," said Armstrong CEO, Matthew Espe.

Armstrong will classify the results of the European flooring business as discontinued operations starting in the fourth quarter of 2014.