Armstrong World Industries, Inc. (NYSE: AWI) has recently announced the acquisition of Geometrik Manufacturing Inc. based in Kelowna, British Columbia. Geometrik is a leading Canadian designer and manufacturer of wood acoustical ceiling and wall systems made from multiple wood species, including western hemlock.
This acquisition is expected to significantly expand Armstrong's wood manufacturing capabilities and product portfolio in Canada and the U.S. This move comes as demand for wood looks and biophilic design continues to grow. Armstrong aims to leverage Geometrik's creative designs and manufacturing capabilities to accelerate its growth in this rapidly expanding category.
Geometrik, founded in 2007, has built a broad portfolio of wood ceiling and specialty wall solutions using a variety of wood species along with various stains, perforations, shapes, and sizes. The company currently offers nine different wood products across several types of acoustical ceiling and wall systems and a curated palette of 12 standard and custom wood finishes, bringing a wide range of western hemlock solutions to Armstrong’s architectural specialties portfolio.
This acquisition marks Armstrong’s 13th architectural specialties acquisition since 2016. The company funded the acquisition with available cash, and District Capital Partners acted as its buy-side adviser.
The financial metrics and impact of this acquisition are not provided in the press release. The market has reacted to these announcements by moving the company's shares -0.57% to a price of $193.93. For the full picture, make sure to review ARMSTRONG WORLD INDUSTRIES INC's 8-K report.
