Salem, N.J.—Mannington Mills has closed on the sale of its vinyl composition tile (VCT) business to Armstrong Flooring. The transaction was announced on May 8.
“Our long-term growth strategy is focused on investment in high-growth, high-profit markets and categories,” said Russell Grizzle, president and CEO, Mannington Mills. “The sale of the VCT business allows us to aggressively pursue those opportunities.”
Mannington Mills is a fourth generation, family-owned company with a strong U.S. manufacturing base. “Our successful history is based on growth through innovation and investment with a commitment to our valued distributor partners and customers,” Grizzle noted. “We plan to continue that into the future.”
Lancaster, Pa.—Armstrong Flooring has closed on the previously announced definitive asset purchase agreement to acquire the Vinyl Composition Tile (VCT) business of Mannington Mills.
“We are pleased to close on this strategic acquisition and strengthen our footprint in the well-structured VCT category,” said Don Maier, chief executive officer. “This acquisition remains on track to drive accretive benefits to earnings in 2018 and marks an exciting step in our multi-pronged approach to achieve our medium-term goals. We look forward to providing customers with an expanded inventory selection backed by our expertise in VCT, as well as exceptional service from our strong distribution network.”
Armstrong Flooring intends to use its existing plant and distribution networks to accommodate the additional VCT volume from the acquisition in order to drive top and bottom line benefits through increased scale and capacity utilization.