Armstrong Flooring has signed a definitive asset purchase agreement to acquire the vinyl composition tile (VCT) business of Mannington Mills, a nationally recognized hard surface flooring company, for a purchase price of $36 million. The transaction, which is subject to customary closing conditions, is expected to close during the second quarter of 2017. Armstrong Flooring intends to use its existing plant and distribution networks to accommodate the increase in VCT volume to drive top and bottom line benefits through increased scale and capacity utilization.
VCT is a significant category within the hard surface flooring industry. VCT products are widely used in commercial end-markets, especially in educational facilities and mass merchants, as it offers durability and numerous design options at attractive price points.
“I am pleased to announce this transaction,” says Don Maier, president and CEO of Armstrong Flooring. “We have a strong history and deep expertise in VCT, which makes this acquisition consistent with our strategy to support our legacy product lines while simultaneously investing in innovation and new growth initiatives.”