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Wednesday, January 27, 2021

Armstrong World Industries [NYSE: AWI] Decides To Acquire Turf Design, Inc.

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Armstrong World Industries, Inc. [NYSE: AWI] revealed today the acquisition of Truf design, Inc. The decisions of acquisition expand and optimize the felt ceiling and wall solution designs. Armstrong World Industries FeltWorks family provides various options to customers and Turf design Inc will work closely with customers on creative acoustic solutions.

Turf Design, Inc. is a Chicago based interior design house and a maker of the custom felt ceiling and wall solutions. It has recorded annual revenue of approximately $25 million. Turf design is the expert in the category of felt. It runs an 8,000 sq. ft innovation center and design showroom in downtown Chicago.

Turf design is engaged in the making of custom specified felt ceilings and a variety of wall products together with 75,000 sq. ft. fabrication facility in Elgin, Ill.

The decision of acquisition further enhance Armstrong’s commitment to sustainability as Turf design felt products are made up of polyethylene terephthalate (PET). Its felt products comprised of 60% recycled material and it has 100% ability to recycle at the end of life.

Armstrong closed green during the trading of Monday as it has exhibited the percentage change of 1.87% and moved up +1.50. It has previously opened at $80.41 and has a closing price of $81.58.

AWI had a trading volume of roughly 452.03K as compared to the average volume of 457.84K. It has valued at 3.85 billion and recorded sales of 1.04 billion. In the past 52-weeks of trading, this company’s stocks have fluctuated between the low of $62.03 and a high of $111.46. It has moved up 31.52% from 52-weeks low range and moved down -26.81% from 52-weeks high range.

Looking at its profitability, its return on assets (ROA) is -3.20%, return on investment (ROI) is 26.70% and return on equity (ROE) is -15.20%. AWI’s Gross Margin is 37.80%, Profit Margin is -4.90% and Operating Margin is 32.40%.

CEO of AWI, Vic Grizzle said that the main priority of the company is to expand the felt products as the demand for acoustical and sustainable interior solutions increasing day by day. Turf is the leader in the category of Felt and it has a strong profit profile.

After the acquisition Turf design, Inc will continue to operate from its current facility and it is allowed to retain its name. Financial considerations were not disclosed yet.

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