ICS Magazine

Armstrong Shares Fall to New Lows

October 30, 2000
New York (Reuters) -- Shares of interior furnishings maker Armstrong World Industries and its parent Armstrong Holdings hit new lows last week after a slew of bad news beat down the companies already struggling under the weight of heavy asbestos claims.

Armstrong World fell 32% to $4-1/2 while Armstrong Holdings fell about 13% to $3 on the New York Stock Exchange, both speeding past their previous 52-week lows. Asbestos litigation has burdened the sector, forcing Owens Corning, the largest U.S. maker of building materials, to file for bankruptcy in early October.

Armstrong is a defendant in personal injury claims and property damage claims related to asbestos-containing products.