Armstrong World Industries Acquiring MO-Based Wood Ceiling Manufacturer
ACGI designs and manufactures custom architectural specialty wood ceiling and wall solutions, like the wood ceiling at the Philadelphia Eagles Touchdown Club.
LANCASTER, PA—Armstrong World Industries has agreed to acquire the business and assets of Marshfield, MO-based Architectural Components Group, which specializes in custom wood ceilings and walls. ACG has annual revenues of $35 million, Armstrong says.
ACGI designs and manufactures custom architectural specialty wood ceiling and wall solutions. ACGI capabilities and product solutions will complement and enhance AWI’s existing wood ceiling and wall solutions, and further strengthen AWI’s market-leading position in the category that is growing double-digits for AWI.
“This acquisition will mark our largest to date and a continuation of our inorganic growth initiatives to increase our participation in the high-value Architectural Specialties segment,” says Armstrong CEO Vic Grizzle. “With ACGI, we will dramatically expand our Architectural Specialties portfolio and capabilities to meet the growing demand for wood ceilings and walls. We look forward to completing the transaction and welcoming the ACGI team to AWI in the near future.”
The transaction is expected to close in the first quarter of 2019 and remains subject to customary closing conditions. Following closing, AWI expects to serve existing and future customers out of the acquired Missouri facility and through its current distribution channels. AWI will fund the acquisition with available cash. Financial terms of the transaction were not disclosed.