Armstrong World Industries, Inc. (NYSE: AWI) has announced its acquisition of Geometrik Manufacturing Inc., a Canadian company specializing in wood acoustical ceiling and wall systems. Geometrik is known for its products made from multiple wood species, including western hemlock. This move is aimed at expanding Armstrong's wood manufacturing capabilities and product portfolio in both Canada and the U.S.
The acquisition brings significant additions to Armstrong's offerings, with Geometrik currently providing nine different wood products across various acoustical ceiling and wall systems, along with a palette of 12 standard and custom wood finishes. This will enhance Armstrong's architectural specialties portfolio, particularly in the area of western hemlock solutions.
This acquisition marks Armstrong's 13th architectural specialties acquisition since 2016, demonstrating the company's continued growth and expansion in this rapidly evolving market. The company funded the acquisition using available cash, with District Capital Partners serving as its buy-side adviser.
Vic Grizzle, CEO and President of Armstrong World Industries, expressed excitement about the acquisition, highlighting the increasing demand for wood looks and biophilic design in the architectural applications market. The company aims to leverage Geometrik's creative designs and manufacturing capabilities to accelerate growth and deliver innovative solutions to customers across North America.
The press release did not provide specific financial metrics or comparisons between the current and previous periods. As a result of these announcements, the company's shares have moved 1.53% on the market, and are now trading at a price of $196.90. Check out the company's full 8-K submission here.
