Armstrong completes flooring spinoff

Armstrong World Industries has completed its previously announced spinoff of Armstrong Flooring, which is now an independent publicly traded company, listed on the New York Stock Exchange under the ticker symbol "AFI."

Under the terms of the spinoff, AWI shareholders will retain their AWI shares and receive one AFI share for every two AWI shares held as of 5:00 p.m. EST on the March 21, 2016 record date for the distribution.

Beginning today, Monday, April 4, AFI will commence "regular way" trading on the NYSE.

Armstrong World Industries is now made up of the Armstrong Building Products unit, which generated approximately $1.3 billion of revenue in 2015. AWI will continue to strengthen its market position by leveraging recently completed investments in expanded sales and manufacturing capabilities. It has 3,700 team members worldwide and operates 22 manufacturing facilities in eight countries.

As for Armstrong Flooring -- which generated $1.2 billion in revenue in 2015 -- the company will continue to double down on the design, manufacture and sales of flooring products in North America and Asia. Armstrong Flooring's North American residential franchise is focused on innovation in vinyl, laminate and hardwood products, and its North American and international commercial businesses provide high-performance resilient flooring products, including vinyl sheet, linoleum, vinyl composition and luxury vinyl tile, with significant ongoing investments focused on LVT leadership. Armstrong Flooring has 3,700 team members worldwide, with 17 manufacturing facilities in three countries.