Lancaster, Pa.—Frank Ready, CEO of Armstrong Flooring Products, is retiring after a 30-year career with the company. Thomas Mangas, who has served as CFO of Armstrong since February 2010, will succeed Ready. Mangas has lead finance as well as information technology, global business services and process improvement. He will be succeeded by David Schulz. Continue reading Ready retires from Armstrong
by Matthew Spieler
Hicksville, N.Y.—Belknap White Group (BWG), already one of the industry’s largest distributors has bolstered its portfolio by purchasing Patriot Flooring Supply from Armstrong World Industries on Sept. 1. Financial details were not disclosed, but FCNews learned the sale was mostly assets though it did include compensation for the business itself.
BWG was already a Top 5 industry wholesaler with annual revenues for its 2011 fiscal year estimated at $128 million. Patriot is estimated to be the No. 2 hardwood distributor in the industry with 2011 annual sales estimated around $70 million. Combined, BWG will vault itself into the Top 3 of industry wholesalers and could possibly take over the No. 2 spot depending on what happens the rest of the year. Continue reading Belknap buys Armstrong’s Patriot division
by K.J. Quinn
Understanding the state of resilient flooring is similar to peeling an onion. By carefully removing each layer, one is able to uncover underlying causes impacting the business on many different levels.
“The industry still has a significant amount of unfilled capacity,” observed Dennis Jarosz, Congoleum’s senior vice president sales and marketing. “Combine that with available import products, and the biggest challenge becomes margin, as more producers compete for a market that has shown only slight overall growth.” Excess manufacturing capacity contributed to driving down prices in the mid to lower price points, suppliers say. Continue reading Resilient sales rise, but do not tell whole story