Cleaning & Restoration Breaking News

Armstrong Enters Into Talks on Sale of Commercial Carpet Unit

February 20, 2001
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Bietigheim, Germany -- Armstrong DLW AG, a subsidiary of U.S.-based Armstrong Holdings, Inc. says it has entered into talks with CVC Capital Partners on the possible sale of the European components of its Textiles and Sports Flooring division, which operates under the brand name Desso. The talks are expected to last several months.

Desso, with approximately 1,300 employees, manufactures commercial carpet and artificial sports flooring in The Netherlands, Germany and Belgium. Based in Oss, The Netherlands, the division had annual sales of approximately $313 million in 1999.

Additionally, Armstrong Holdings, whose operating unit, Armstrong World Industries, Inc., filed for Chapter 11 protection in December to resolve its asbestos liability, reported that it would disclose its financial results for 2000 in its 10-K report to the SEC in late March.

Although the financial reports are not yet available, Chairman and CEO Michael D. Lockhart said in a press release that fourth quarter 2000 performance was negatively impacted by a decline in sales and profits as a result of the continued slowdown in the economy, and higher raw material and energy costs.

For 2001, Lockhart said he expected economic conditions not to improve and that Armstrong plans on revenues relatively flat versus 2000 and operating income, excluding the effects of asbestos and reorganization charges, to decline from 2000 levels.

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