MoreCiting slumping demand and mounting losses, Armstrong World Industries said Thursday it will exit the residential flooring business in Europe.
As part of that decision, Armstrong said it will shut its only European residential flooring plant, in Teesside, England, by early 2011.
The closing of the 163-employee plant will trigger $10 million in charges, reflecting the cost of severance for workers and asset writedowns.
Explaining the decision, Armstrong said the business had an operating loss of $4 million on sales of $19 million in the first half of this year.
Armstrong said those numbers reflect "significant reductions in demand" for its cushion-vinyl residential flooring in Europe. From TradingMarkets.com.
As part of that decision, Armstrong said it will shut its only European residential flooring plant, in Teesside, England, by early 2011.
The closing of the 163-employee plant will trigger $10 million in charges, reflecting the cost of severance for workers and asset writedowns.
Explaining the decision, Armstrong said the business had an operating loss of $4 million on sales of $19 million in the first half of this year.
Armstrong said those numbers reflect "significant reductions in demand" for its cushion-vinyl residential flooring in Europe. From TradingMarkets.com.
