Armstrong acquiring Steel Ceilings Inc.
Armstrong World Industries, Inc. is acquiring the business and assets of Steel Ceilings, Inc. (SCI), a manufacturer of standard and custom aluminum and stainless metal ceilings, including architectural, radiant heating and cooling, and security solutions.
SCI has annual revenues of about $10 million and is is located in greater Columbus, Ohio, near two other existing AWI manufacturing plants. The transaction is expected to close in the third quarter of this year. Terms of the deal were not disclosed.
AWI said it the acquisition will advance its strategy to “aggressively penetrate the architectural specialties segment and provide additional capabilities to sell into more spaces and sell more into every space.”
“With SCI, we will bolster our manufacturing capacity to meet the growing demand for metal ceilings and, with radiant and security ceilings in particular, we will add even more capability to our already extensive architectural specialties portfolio,” said AWI CEO Vic Grizzle. “The operation will also be a great fit in terms of quality and service. We look forward to completing the transaction and welcoming the SCI team to AWI in the near future.”
AWI is based in Lancaster, Pa. and manufactures commercial and residential ceiling, wall and suspension system solutions.
Earlier today, AWI reported net sales of $248.6 million for the second quarter 2018, up more than 10% compared to net sales of $225.6 million during the same period last year.
SCI has annual revenues of about $10 million and is is located in greater Columbus, Ohio, near two other existing AWI manufacturing plants. The transaction is expected to close in the third quarter of this year. Terms of the deal were not disclosed.
AWI said it the acquisition will advance its strategy to “aggressively penetrate the architectural specialties segment and provide additional capabilities to sell into more spaces and sell more into every space.”
“With SCI, we will bolster our manufacturing capacity to meet the growing demand for metal ceilings and, with radiant and security ceilings in particular, we will add even more capability to our already extensive architectural specialties portfolio,” said AWI CEO Vic Grizzle. “The operation will also be a great fit in terms of quality and service. We look forward to completing the transaction and welcoming the SCI team to AWI in the near future.”
Following closing, AWI expects to serve existing and future SCI customers out of the existing Ohio facility and through its current distribution channels. AWI expects to fund the acquisition with available cash.
AWI is based in Lancaster, Pa. and manufactures commercial and residential ceiling, wall and suspension system solutions.
Earlier today, AWI reported net sales of $248.6 million for the second quarter 2018, up more than 10% compared to net sales of $225.6 million during the same period last year.