Armstrong Flooring to close two wood floor facilities

Home News Armstrong Flooring to close two wood floor facilities

Lancaster, Pa.—Armstrong Flooring released its reported financial results for the second quarter, which ended June 30. The company also announced the planned closing of two wood floor facilities.

“Second quarter 2017 results were disappointing to us and fell short of our expectations, with the main driver soft demand in our legacy categories, primarily residential sheet and wood flooring,” said Don Maier, CEO. “Our LVT sales continued to grow at a double-digit rate, although they did not fully offset the declines in other areas. In response to the challenging results, which we expect to continue through year end, we are taking active steps to transition our company to deliver our medium term financial goals.”

Maier continued, “We are intensifying our efforts on innovation-based growth initiatives, taking a harder line on costs and rationalizing our manufacturing footprint. [For example] we have completed our previously announced organizational realignment, which we continue to expect to generate annualized SG&A savings of $6 million to $7 million. In June, we completed the acquisition of Mannington’s VCT assets, which improves our capacity utilization as we increase sales in this attractive category using our existing production facilities. Additionally, we have announced the planned closing of two wood flooring facilities, which we expect to improve our cost position in the future. These announced actions, along with other planned initiatives, reinforce our commitment to achieving a 10% EBITDA margin by 2020, under a range of growth scenarios.”

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