LANCASTER, Pa., July 10, 2022 (GLOBE NEWSWIRE) — In a release of the same title earlier today by Armstrong Flooring, Inc. (OTC: AFIIQ), note that in paragraph 5, Michel Vermette’s quote says “North American”, when it should have read “Australian”. The corrected edition follows:
Armstrong Flooring, Inc. (OTC: AFIIQ), a leader in the design and manufacture of innovative flooring solutions (“Armstrong Flooring” or the “Company”), today announced that it has entered into a binding agreement to purchase the assets with a consortium of buyers consisting of AHF, LLC and Gordon Brothers pursuant to which these purchasers will acquire substantially all of the North American assets of Armstrong Flooring Inc. for $107 million in cash and the assumption of certain assumed liabilities. This binding asset purchase agreement was the culmination of the Company’s Chapter 11 auction process for its North American assets.
The auctions for the sale of the company’s Chinese and Australian businesses have not yet been formally completed, but we expect them to close in the near future. The company has received binding offers to acquire each of the Chinese and Australian businesses and will sign definitive purchase agreements for these transactions as soon as the auctions close. The Chinese and Australian businesses will continue to operate as usual, and operations will not be affected by the Chapter 11 cases.
A consortium of AHF and Gordon Brothers would buy substantially all of the North American assets. AHF plans to continue operations at the Lancaster, Kankakee and Beech Creek locations, and the Company will proceed with the orderly closure of its Jackson and Stillwater locations on July 15, 2022. Pending the completion of the sale of its North American assets, which is scheduled for July 22, 2022, Armstrong Flooring will continue business as usual in all North American geographies and remains committed to its customers and other stakeholders.
The proposed transactions are the result of a court-supervised auction that began on June 27, 2022, during which the offer from the consortium of AHF and Gordon Brothers was the only binding offer received for substantially all of the North American assets. The proposed transactions are subject to bankruptcy court approval, as well as regulatory approvals and customary closing conditions.
“We have worked hard to execute an effective sale of the business that maximizes value while keeping the best interests of our valued stakeholders at the forefront of everything we do. In light of the agreement we reached with AHF and Gordon Brothers, and the agreements we are close to signing with the Chinese and Australian buyers after the auction, Armstrong Flooring is now one step closer to achieving that goal,” said Michel Vermette, President and Chief Executive Officer director. “We had hoped to identify a buyer for the entire business and avoid closing our facilities; however, based on the options available to us, we believe this is the best possible path for our business. This reflects the support of our ABL lenders, creditors and other key stakeholders, and has been approved by our Board of Directors. While we cannot speak for the proposed buyers, we are encouraged that they see the company’s potential in the markets we serve and understand the role our people play in driving the business forward.”
The proposed North American sale transaction will be heard at a U.S. bankruptcy court hearing currently scheduled for July 12, 2022, and the sale transactions for our Chinese and Australian businesses will also be heard at that time provided the auction closes on time.
The company is working together with its DIP lenders to allow Armstrong Flooring to continue operating while the buyers finalize all details and close the sale transactions.
Armstrong Flooring, Inc. is a global leader in the design and manufacture of innovative flooring solutions that inspire beauty wherever your life takes place. Headquartered in Lancaster, Pennsylvania, Armstrong Flooring continually builds on its resilient, 150-year heritage by fulfilling its mission to create a stronger future for customers through adaptable and inventive solutions. The company safely and responsibly operates seven manufacturing facilities around the world, working to deliver the highest levels of service, quality and innovation to ensure it remains as strong and vital as its 150-year heritage. Learn more at www.armstrongflooring.com.
Forward-looking statements and cautionary statements
Disclosures in this release and in our other public filings and comments contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding proposed asset sales and court approval. , provide our future expectations or forecasts and can be identified by our use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “outlook,” ” target,” “anticipate,” “may,” “will,” “would,” “could,” “should,” “seek,” and other words or phrases of similar meaning in connection with any discussion of future business or financial results. Forward-looking statements, by their nature, deal with matters that are uncertain and involve risks because they relate to events and depend on circumstances that may or may not occur in the future. As a result, our actual results may differ materially from our expected results and from those expressed in our forward-looking statements. A more detailed discussion of the risks and uncertainties that could cause our actual results to differ materially from those projected, expected or implied is included in our reports filed with the US Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update any forward-looking statements except as required by applicable securities law.
Brands of flooring made in the USA include: Alterna by Armstrong (luxury vinyl tile) Anderson (finished hardwood) Mannington (vinyl flooring only)
Is congoleum still in business?
Congoleum, one of America’s oldest resilient flooring brands, founded in 1886, has announced that it has successfully completed its restructuring process as a private company. This may interest you : Travel July Fourth weekend can be ugly. Here are 5 ways to prepare..
Is Congoleum the same as linoleum? Congoleum has been a household name in flooring since they began producing linoleum, a product made from linseed oil and cork, in the late 1800s.
Is congoleum owned by Mohawk?
Becomes national distributor for Congoleum Corporation.
Is congoleum DuraCeramic discontinued?
Trenton, NJ February 24, 2022 – Congoleum Flooring ceased operations at its tile plant in Trenton, New Jersey on February 23. On the same subject : Who wins when Netflix finally shows ads. The closure of the tile factory will result in the discontinuation of Alternative VCT, DuraCeramic, Cleo Home and Cleo Contract.
Who bought Congoleum?
At the same time, they sold the company’s remaining three businesses apiece for a total of $175 million. The flooring business, which retained the Congoleum Corp. To see also : How businesses mitigate the risk of unforeseen events in times of uncertainty. name, was acquired by Hillside Industries Inc., a subsidiary of New York’s Hillside Capital Inc.
Did Armstrong Flooring go out of business?
Armstrong filed for Chapter 11 bankruptcy after months of trying to find a buyer and negotiate with lenders, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. Armstrong said he owed creditors $317.8 million and had assets worth $517 million.
Is Armstrong Flooring in Trouble? Armstrong Flooring files for bankruptcy, blaming rising costs Armstrong said it owes creditors $317.8 million and has assets worth $517 million. “Simply put, the company’s rising costs greatly outstripped its pricing power,” Armstrong Chief Executive Officer Michel S. Vermette said in a court filing.
Who bought Armstrong flooring 2022?
Armstrong Flooring, Inc. (NYSE: AFI) announced Thursday that it has entered into a definitive agreement to sell its Wood Flooring segment to an affiliate of American Industrial Partners (“AIP”) for a purchase price of $100 million.
Who bought Armstrong flooring?
On November 16, 2018, Armstrong Flooring announced that it will sell its wood flooring business to American Industrial Partners, a private equity firm, for $100 million.
Is Armstrong flooring still in business?
Despite the financial cuts, the company says workers are continuing to produce flooring. It confirmed it is still hiring as part of its strategy to maximize its value for sale. It is unclear how the sale will affect the workers and whether the buyer will hire them and honor Armstrong’s contracts and benefits.
Did Hartco buy Armstrong?
She added, the former wood lines under the Armstrong brand will be rebranded as Hartco. Along with that comes the brand’s rich history. According to AHF Products, Hartco is 70 years old, while Robbins has been around for 125 years.
Who bought Armstrong Flooring 2022? Armstrong Flooring, Inc. (NYSE: AFI) announced Thursday that it has entered into a definitive agreement to sell its Wood Flooring segment to an affiliate of American Industrial Partners (“AIP”) for a purchase price of $100 million.
Is Hartco and Armstrong the same company?
AHF Products is bringing back the venerable Hartco brand as it moves away from the Armstrong name. Hartco will be exclusive to independent flooring retailers and will feature a broad, refreshed portfolio and brand new designs and collections.
Who bought out Armstrong Flooring?
American Industrial Partners acquired the business from Armstrong Flooring in December 2018 for $100 million, then moved its headquarters from Lancaster to Mountville the following year. At that time, the headquarters had 69 employees.
Who makes Armstrong wood flooring?
On November 16, 2018, Armstrong Flooring announced that it will sell its wood flooring business to American Industrial Partners, a private equity firm, for $100 million.
Who is buying Armstrong flooring?
In 2018, Armstrong Flooring sold its wood flooring business, AHF Products, to private equity firm American Industrial Partners for $100 million.
Is Armstrong Flooring going out of business? Armstrong Flooring rejects proposal to close to seek bankruptcy protection.
Who bought Armstrong Flooring?
On November 16, 2018, Armstrong Flooring announced that it will sell its wood flooring business to American Industrial Partners, a private equity firm, for $100 million.
Is Armstrong Flooring in financial trouble?
Armstrong Flooring is seeking Delaware bankruptcy court approval for an asset sale and reorganization to resolve $317.8 million in debt, including $160 million in long-term debt. Armstrong said he has assets worth $517 million.
