AWI - Armstrong World to buy Arktura

Armstrong World Industries (AWI) inks agreement to acquire Arktura, LLC, a designer and fabricator of ceilings, walls, partitions and facades based in Los Angeles, California.In connection with the transaction, AWI and Arktura also plan to form and launch Arktura Ventures LLC, an incubator for exploring and accelerating new product, technology and materials solutions in architecture, design, engineering and construction, above and beyond their existing core businesses.Arktura has projected 2020 revenues of ~$37M. AWI expects to fund the acquisition with its revolving credit facility and available cash.The transaction remains subject to customary closing conditions, including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to close prior to the end of the calendar year.

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Armstrong World to buy Arktura