Armstrong holding secondary stock offering

Home News Armstrong holding secondary stock offering

Lancaster, Pa.—Armstrong will hold a secondary public offering of 10 million common shares held by the Armstrong World Industries Asbestos Personal Injury Settlement Trust and Armor TPG Holdings. 
The company itself will not sell any shares in the offering and will not receive any proceeds from the offering.

However, Armstrong has agreed to purchase about half of the 10 million shares. The company expects to fund the share repurchase with cash on its balance sheet and borrowings under its credit facility and trade receivables securitization. 
As a result of the underwritten offering, the sellers will own less than 50% of the total voting power of the company’s common shares.

Must Read

Invista’s Antron nylon cited in Starnet Design Awards

Kennesaw, Ga.—Invista recognized the winners of the 22nd annual Starnet Design Awards that used carpets constructed of Antron nylon fiber in their installations. The following...

CM Services forges partnership with FCICA

Glen Ellyn, Ill.—CM Services has formed a partnership with the Floor Covering Installation Contractors Association (FCICA) to provide full-service association management services. Catherine Church, CM...

Stainmaster Home Studio to debut at NFM Kansas City location

  Kennesaw, Ga.—Invista’s Stainmaster brand and Nebraska Furniture Mart have announced the launch of the Stainmaster Home Studio at NFM’s Kansas City location. Promising a...

Hannover Fairs USA postpones Domotex USA 2021

Chicago—Hannover Fairs USA (HFUSA), the organizer of Domotex USA, has decided to postpone its 2021 trade show, which was scheduled for March 1-3. The...

NFA to members: The show will go on

By Steven Feldman Cincinnati—Leaders lead, and the National Floorcovering Alliance (NFA) is a prime example. Thanks to the group’s desire to move this industry forward,...

Indusparquet adds Murphy to U.S. team

Miami, Fla.—Indusparquet, a leading manufacturer of Brazilian premium hardwood flooring, has added Jessica Murphy to its U.S. sales and marketing team as the company’s...
X