Armstrong Flooring (Lancaster, Pa.) completed the sale of its wood flooring segment to private equity firm American Industrial Partners (AIP) on Dec. 31.
The proceeds from the $100 million sale amounted to approximately $90 million, with a post-closing working capital adjustment process to be completed during the first quarter of 2019.
Armstrong announced the sale of its wood flooring operations in November, revealing plans to focus solely on its resilient flooring products.
“We are excited to enter 2019 with an exclusive focus on resilient flooring, which improves the profitability of our award-winning product portfolio,” Armstrong CEO Don Maier said in a statement. “This divestiture positions us well for the future.”
The company’s wood flooring segment will be listed as a discontinued operation during the fourth quarter of 2018.
AIP plans to operate the six U.S. wood flooring manufacturing plants as a separate wood flooring company. The plants employ approximately 1,700 workers.