Lancaster, Pennsylvania-based Armstrong World Industries Inc. (NYSE: AWI) entered an agreement to buy Marshfield’s Architectural Components Group Inc.
In a news release, officials did not disclose the financial terms of the deal. It’s expected to close in the first quarter.
“This acquisition will mark our largest to date and a continuation of our inorganic growth initiatives to increase our participation in the high-value architectural specialties segment,” AWI CEO Vic Grizzle said in the release. “With ACGI, we will dramatically expand our architectural specialties portfolio and capabilities to meet the growing demand for wood ceilings and walls.”
ACGI, which produces annual revenues of roughly $35 million, designs and manufactures custom wood ceilings and walls. President Gary Thompson founded the company in 2001, according to ACGIWood.com. The company’s portfolio includes custom panels and suspensions for the Kauffman Theatre in Kansas City, as well as projects for the Arizona State University School of Law, the San Francisco 49ers Legacy Club and the Philadelphia Eagles Touchdown Club.
After the completion of the acquisition, AWI plans to keep providing services to ACGI customers from its Marshfield office, 521 George St., which also is part of the purchase, according to the release.
AWI, which manufactures commercial and residential ceiling, wall and suspension systems, in 2017 reported net sales of $893.6 million. The company hasn’t yet released its full-year and fourth-quarter results.
AWI shares were trading at $68.49 as of 9:49 a.m., compared with a 52-week range of $54.34 to $73.45.
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