Armstrong World Industries, Inc. Acquires Turf Design, Inc.
Armstrong World Industries (NYSE: AWI) announced the acquisition of Chicago-based Turf Design, Inc., a leader in custom felt ceiling and wall solutions, generating annual revenues of approximately $25 million. This acquisition enhances AWI's design and manufacturing capabilities, adding sustainable products made from recycled materials. CEO Vic Grizzle emphasized the growing demand for acoustical solutions and the strategic importance of Turf's innovation in the felt category. The deal was funded through cash and a credit facility, with details on financial terms not disclosed.
- Acquisition of Turf Design, Inc. enhances AWI's portfolio with custom felt ceiling and wall solutions.
- Turf's products contain up to 60% recycled content, aligning with AWI's sustainability goals.
- The acquisition is expected to be accretive to AWI's architectural specialties segment.
- Financial terms of the acquisition were not disclosed, raising potential concerns about cost implications.
LANCASTER, Pa., July 28, 2020 (GLOBE NEWSWIRE) -- Armstrong World Industries, Inc. (NYSE: AWI) today announced it has acquired Turf Design, Inc., a Chicago-based commercial interiors design house and maker of custom felt ceiling and wall solutions with annual revenues of approximately
Turf is the leader in the specialty felt category and operates an 8,000 sq. ft. innovation center and design showroom in downtown Chicago, together with a 75,000 sq. ft. fabrication facility in Elgin, Ill., where it makes a wide range of custom-specified felt ceilings and wall products for a variety of applications. Turf’s felt products are made primarily of polyethylene terephthalate (PET) -- recycled plastic found in water or soda bottles. Turf felt contains up to
AWI CEO Vic Grizzle said, “With the increasing demand for acoustical and sustainable interior solutions, expanding our felt offerings has been a top priority. Felt is one of the fastest growing specified products in the architectural specialty product space. Turf is the category leader that architects and designers have come to depend on to bring their creative designs to life. Turf also has a strong profit profile that will be accretive to our architectural specialties segment.”
AWI Ceiling Solutions SVP Charlie Chiappone added, “We are very excited to have the Turf family and their independent sales representative network join our growing organization. In a relatively short period of time, Turf has rapidly developed the felt category and established itself as the innovative leader in the space. Turf’s success is clearly attributable to a commitment to inspirational design, innovation and customer service by every member of their team. We look forward to growing with them, and to building upon their success by leveraging the brand, scale and market reach of Armstrong.”
Turf will continue to operate from its current facilities and retain its company name, brands and organizational and go-to-market structures. The Turf independent representative network will remain intact and complement AWI’s current go-to-market selling model.
AWI funded the acquisition with available cash and its revolving credit facility. Financial terms of the transaction were not disclosed.
For more information, visit www.armstrongceilings.com/turfdesign.
About Armstrong World Industries
Armstrong World Industries, Inc. (AWI) is a leader in the design and manufacture of innovative commercial and residential ceiling, wall and suspension system solutions in the Americas. With over
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