Armstrong World To Spin-off Flooring Unit Into Separate Publicly Traded Company

(RTTNews) - Armstrong World Industries, Inc. (AWI) announced that its board of directors has unanimously approved a plan to separate the company's flooring business from its ceilings or Building Products business, creating two independent industry-leading publicly traded companies.

The separation is intended to be a tax-free spin-off of the flooring business to the company's shareholders, and is expected to be completed in the first quarter of 2016. The company said the separation enhances its strategic focus and value creation potential.

The proposed separation is subject to customary conditions, and final approval by the company's Board of Directors.

Following the separation, Armstrong World Industries will be made up of the Armstrong Building Products unit, while Armstrong Flooring will be made up of high-quality flooring products. Don Maier, currently CEO of Armstrong Flooring Products, will serve as the CEO of Armstrong Flooring.