AWI $115.58

AWI target price
Armstrong World Industries, Inc.
Traded as NYSE: AWI
Russell 1000 Component
Industry Construction Materials
Founded Lancaster, Pennsylvania, United States
Headquarters Lancaster, Pennsylvania, United States
Key people
Vic Grizzle, CEO
Products Ceilings
Revenue IncreaseUS$2.860 billion (2011)
Operating income
IncreaseUS$239.2 million (2011)
Net income
IncreaseUS$112.4 million (2011)
Total assets IncreaseUS$2.995 billion (2011)
Total equity IncreaseUS$1.130 billion (2011)
Number of employees
3,700 (Apr 2016)
Website www.armstrongceilings.com

Armstrong World Industries, Inc. is a Pennsylvania corporation incorporated in 1891. It is an international designer and manufacturer of walls and ceilings. Based in Lancaster, Pennsylvania, AWI has a global manufacturing network of 26 facilities, including nine plants dedicated to its WAVE joint venture. In 2011, Armstrong’s net sales were $2.86 billion, with operating income of $239.2 million.

Armstrong World Industries, Inc. emerged from Chapter 11 reorganization on October 2, 2006. Its stock began trading on the New York Stock Exchange October 18, 2006 under the ticker symbol AWI. The Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust, holds approximately 66% of AWI’s outstanding common shares. Armstrong's “Fourth Amended Plan of Reorganization, as Modified,” dated February 21, 2006, and confirmed by U.S. District Court Judge Eduardo Robreno in August 2006, become effective Oct. 2, 2006. The Plan includes a comprehensive settlement resolving AWI’s asbestos liability by establishing and funding a trust to compensate all current and future asbestos personal injury claimants. The company had filed for reorganization December 6, 2000, with the federal bankruptcy court in Delaware for reorganization under Chapter 11 because pending asbestos injury claims appeared to exceed the value of the company, and were growing.

“In addition to resolving AWI’s asbestos liability, we used the time in Chapter 11 to restructure our flooring business to make it more competitive,” Mr. Lockhart said. “We made substantial improvements in our cost structure by closing several plants and streamlining our workforce in the U.S. We have also expanded capacity to manufacture wood flooring, broadened our product lines and improved product quality and customer service.”

On March 27, 2007, Armstrong World Industries, Inc. and NPM Capital N.V. entered into an agreement to sell Tapijtfabriek H. Desseaux N.V. and its subsidiaries, the principal operating companies in Armstrong’s European Textile and Sports Flooring business segment, to NPM Capital N.V. The sale was finalized in April 2007.

On February 15, 2007, Armstrong World Industries, Inc. announced that it was initiating a review of its strategic alternatives.

In 1860, Thomas M. Armstrong, the son of Scottish-Irish immigrants from Derry, joined with John D. Glass to open a one-room shop in Pittsburgh, Pennsylvania, carving bottle stoppers from cork by hand. Their first deliveries were made in a wheelbarrow. Armstrong was a business pioneer in some respects: he branded each cork he shipped as early as 1864, and soon was putting a written guarantee in each burlap bag of corks he shipped from his big new factory. The company grew to be the largest cork supplier in the world by the 1890s. The company incorporated in 1891.

Cork began being displaced by other closures, but the company introduced insulating corkboard and brick. In 1906, two years before he died, Thomas Armstrong concluded that the solid foundation of the future was covered with linoleum, and construction began on a new factory in a cornfield at the edge of Lancaster, Pennsylvania. In 1909, Armstrong linoleum was first offered to the trade.

After corkboard, the logical move was to fiberboard, and then to ceiling board. Cork tile and linoleum led to vinyl flooring, then ceramic tile, laminate flooring and carpeting.

In 1917, Armstrong Cork signed with the Batton Company advertising agency, a relationship that continues to this day through their corporate descendants.

In 1998, Armstrong acquired Triangle Pacific Corp., a leading manufacturer of hardwood flooring and kitchen/bathroom cabinets.

In 2009, Armstrong’s annual net Sales Total US$2.8Billion.

Armstrong Cabinets is no longer owned by Armstrong World Industries. The business was sold to American Industrial Partners on October 31, 2012.

In 2016, Armstrong spun off the flooring business into a new company, Armstrong Flooring. NYSE: AFI

The Armstrong Manor was originally purchased by Armstrong World Industries for use as a central location to house the company’s young sales trainees. The home was later used in other capacities, such as meeting space and temporary housing for visiting employees. Armstrong owned the property from May 1920 to December 2011. The property is located in Lancaster, Pennsylvania.

The oldest part of Armstrong Manor, originally known as Bloomington Farm, was built in 1866 by David P. Locher, a prosperous local tanner, banker, and farmer. The 4-acre property remained a part of Locher’s estate until April 9, 1906, when Grove Locher purchased the property for $21,000.

On May 29, 1920, the then Pittsburgh, Pennsylvania-based Armstrong Cork Company purchased the mansion from Grove Locher and his wife for $26,930. The company’s second president, Charles D. Armstrong, was disturbed by the conditions in which his son, Dwight, and other new sales employees were living within various rented housing across Lancaster. C.D. Armstrong and his wife, Gertrude Virginia Ludden Armstrong, were also aware of the difficulties with the transition from campus life to industrial living, and desired a more comfortable living space for their sales trainees. Mr. and Mrs. Armstrong also wanted to have a suitable location for business meetings with visiting employees from other areas. The house was used as a living space for the sales trainees (all single men) during their 6-month training program at the Lancaster, PA flooring plant. The company spent an additional $27,742.87 on renovations and renamed the property Armstrong Manor.

More recently, The Manor provided housing for visiting Armstrong employees and customers, and continued to fulfill its role as a meeting space. The property also had a facilities maintenance department (plumbers, electricians, and a mailroom) to support the property.

In November 2010, Armstrong World Industries announced its plan to close Armstrong Manor by the end of the year citing that The Manor and the facilities department were no longer part of the “…core to being a building products manufacturer.” Armstrong Manor was sold to Rodgers & Associates, a wealth management firm based in Lancaster, Pennsylvania, on December 15, 2011.

In the 1920s, the Armstrong Cork Products Company and Sherwin Williams company were the largest industrial customers for hemp fiber.

In 1938, Armstrong bought Whitall Tatum, a leading manufacturer of glass stand-off insulators for utility poles since 1922. The existing molds were eventually replaced with molds bearing the Armstrong name. In April 1969, the business was sold to Kerr Glass Manufacturing Corporation. Demand was rapidly dropping, as utilities were converting to ceramics or going underground, and Kerr moved production to their Dunkirk, Indiana factory in the mid-1970s, and ceasing production several years after that.

During World War II, Armstrong made 50-caliber round ammunition, wing tips for airplanes, cork sound insulation for submarines, and camouflage.

In 1952, a group of leading industrialists that included Alfred P. Sloan of General Motors, Frank W. Abrams of Standard Oil Company of New Jersey, Henry Ford II of Ford Motor Company, John L. McCaffrey of International Harvester, Irving S. Olds of United States Steel Corporation, Henning W. Prentis of Armstrong Cork Company, and Laird Bell of Weyerhauser Timber formed the Council for Financial Aid to Education, which increased corporate gifts to colleges from $24 million annually to $136 million annually over ten years.

In 1958, Armstrong Cork Company created "Armstrong Contracting and Supply Corporation". Armstrong Cork had done insulation contracting since the early 20th century, originally focusing on cork products. Gradually, there was greater emphasis on high temperature insulation. In 1969, this business was sold in a leveraged buyout to 31 existing and retired employees of the contracting company, which became Irex Corporation.

C.U.E., Inc. started as the Polyurethane Division of Armstrong Cork in the 1960s. CUE comes from "Custom Urethane Elastomers" The Fluorocarbon Company of Anaheim, California bought the division in 1972. On April 7, 1986, a group of seven employees acquired the division, in a leveraged buyout.

In 1964, Armstrong bought Phoenix Chair Company, following up with Founders Furniture Company in 1965, Western Carolina Furniture Company in 1966, and both Thomasville Furniture and Caldwell Furniture in 1968. In the 1970s, they expanded with a low-end bedroom furniture line. They bought Gilliam Furniture in 1986, bought and repurposed the former Stehle polyester factory in Carysbrook, Virginia later that year, bought Westchester Group in 1987, and Gordon's in 1988; as well as making a major expansion to Thomasville that year. In 1995, Thomasville Furniture was sold to Interco (which became Furniture Brands International), a leading furniture manufacturer, with such brands as Broyhill and Lane.

Armstrong Holdings Inc. used to produce asbestos, either of two incombustible, chemical-resistant, fibrous mineral forms of impure magnesium silicate, used for fireproofing, electrical insulation, building materials, brake linings, and chemical filters, which was required by law before they started to manufacture interior furnishings. On November 16, 2000 it was reported that Armstrong Holdings Inc. was facing about 173,000 asbestos personal injury claims that would cost between $758.8 million and $1.36 billion through 2006. They filed bankruptcy because of all their asbestos liabilities. Armstrong no longer produces asbestos and now makes vinyl and wood flooring and other interior furnishings. Armstrong now claims "We offer you a proud heritage of innovation, commitment to environmental sustainability, and operations based on integrity, respect, diversity, continuous improvement, and a passion for safety."

ACProducts, Inc. is the seventh largest manufacturer and distributor of cabinets in the United States. The Company offers six wood species for its stock and semi-custom cabinets, including cherry, maple, oak, birch, plantation hardwood, and laminate/thermofoil, and serves over 3,000 customers through a network of 26 facilities consisting of ACP-branded showroom/selection centers, regional distribution centers, and warehouses, all in the United States. ACP is headquartered in The Colony, TX, with manufacturing operations in Thompsontown, PA. Cabinet production facilities were owned by Armstrong World Industries but are now under American Industrial Partners, with products being sold under the ACPI branding.

They produce ceiling products in the US in Beaver Falls, Pennsylvania; Hilliard, Ohio; Macon, Georgia; Marietta, Pennsylvania; Mobile, Alabama; Pensacola, Florida; St. Helens, Oregon and internationally in Rankweil, Austria; Shanghai, China; Stafford, England; Thornaby, England; Team Valley, England; Pontarlier, France; Münster, Germany; St. Gallen, Switzerland and Zurich, Switzerland; in Yelabuga, Russia.

There are WAVE plants in Benton Harbor, Michigan; Henderson, Nevada; Aberdeen, Maryland; Shanghai, China; Prouvy, France; Team Valley, England and Madrid, Spain. WAVE is a joint venture with Worthington Industries.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q3 2022 2022-10-24 Future report Set alerts
Q2 2022 2022-07-26 1.29 1.29
Q1 2022 2022-04-26 1.02 1.02
Q4 2021 2022-02-22 1.09 1.09
Q3 2021 2021-10-26 1.17 1.17
Q2 2021 2021-07-27 1.16 1.16
Q1 2021 2021-04-27 0.84 0.84
Q4 2020 2021-02-23 0.77 0.77
Q3 2020 2020-10-27 0.00 0.00
Q2 2020 2020-07-28 0.75 1.03


2016-07-11 Downgrade Goldman Sachs Group Inc. Neutral to Sell $38.00 to $34.00
2016-07-08 Initiated Coverage Stephens Equal Weight
2016-05-16 Boost Price Target Citigroup Inc. Neutral $36.40 to $45.00
2016-05-16 Initiated Coverage Piper Jaffray Neutral $45.00
2016-05-16 Initiated Coverage JPMorgan Chase & Co. Neutral $50.00 to $45.00
2016-05-16 Initiated Coverage Piper Jaffray Cos. Neutral $45.00
2016-05-10 Reiterated Rating Barclays Underweight $45.00 to $39.00
2016-05-10 Reiterated Rating Barclays PLC Underweight $45.00 to $39.00
2016-04-12 Boost Price Target RBC Capital $41.00 to $44.00
2016-04-12 Boost Price Target Royal Bank Of Canada $41.00 to $44.00
2016-02-23 Lower Price Target JPMorgan Chase & Co. Neutral $62.00 to $50.00
2016-01-27 Upgrade BB&T Corp. Hold to Buy $50.00
2016-01-20 Downgrade Barclays Equal Weight to Underweight $53.00 to $45.00
2015-12-21 Reiterated Rating Barclays Hold $54.00 to $53.00
2015-12-16 Lower Price Target RBC Capital Sector Perform $53.00 to $50.00
2015-10-30 Reiterated Rating RBC Capital Sector Perform $60.00 to $53.00
2015-10-23 Lower Price Target Macquarie Outperform $68.00 to $66.00
2015-10-14 Reiterated Rating Barclays Hold
2015-10-13 Lower Price Target Barclays Equal Weight $58.00 to $54.00
2015-10-06 Initiated Coverage Goldman Sachs Neutral $55.00
2015-10-06 Initiated Coverage Goldman Sachs Group Inc. Neutral $55.00
2015-08-06 Reiterated Rating Deutsche Bank Buy $64.00
2015-08-06 Reiterated Rating Deutsche Bank AG Buy $64.00
2015-08-02 Reiterated Rating RBC Capital Hold
2015-07-31 Lower Price Target RBC Capital Sector Perform $62.00 to $60.00
2015-06-01 Initiated Coverage Vertical Research Hold $57.00
2015-05-01 Downgrade Citigroup Inc. Buy to Neutral $65.00 to $62.00
2015-03-16 Boost Price Target RBC Capital Sector Perform $59.00 to $62.00
2015-03-02 Upgrade Bank of America Underperform to Neutral
2015-03-02 Upgrade Bank of America Corp. Underperform to Neutral
2015-02-25 Boost Price Target Citigroup Inc. Buy $58.00 to $65.00
2015-02-24 Lower Price Target Barclays Equal Weight $59.00 to $58.00
2015-02-24 Boost Price Target Deutsche Bank Buy $55.00 to $62.00
2015-02-24 Downgrade KeyBanc Buy to Hold $63.00
2015-02-24 Downgrade KeyCorp Buy to Hold $63.00
2015-02-19 Boost Price Target Barclays Equal Weight $50.00 to $59.00
2014-12-15 Boost Price Target Gabelli Hold $56.00 to $60.00
2014-11-14 Downgrade Bank of America Buy to Underperform
2014-10-28 Downgrade Barclays Overweight to Equal Weight $62.00 to $50.00
2014-10-28 Reiterated Rating JPMorgan Chase & Co. Neutral $50.50 to $45.00
2014-10-28 Reiterated Rating RBC Capital Sector Perform $49.00 to $50.00
2014-10-28 Reiterated Rating Citigroup Inc. Buy $63.00 to $58.00
2014-10-14 Reiterated Rating Macquarie Outperform $71.00 to $55.00
2014-10-14 Reiterated Rating Citigroup Inc. Buy $65.00 to $63.00
2014-10-14 Reiterated Rating Bank of America Buy $52.00 to $64.00
2014-10-13 Reiterated Rating Barclays Overweight $59.00 to $62.00
2014-09-03 Boost Price Target Goldman Sachs $65.00
2014-08-04 Upgrade JPMorgan Chase & Co. Underweight to Neutral $49.00 to $56.50
2014-08-01 Reiterated Rating Deutsche Bank Buy $64.00 to $59.00
2014-07-29 Reiterated Gabelli & Co Hold $68 to $62
2014-07-29 Reiterated Rating JPMorgan Chase & Co. Underweight $53.00 to $49.00
2014-07-29 Lower Price Target Gabelli Hold $68.00 to $62.00
2014-07-29 Reiterated Rating Barclays Overweight $64.00 to $59.00
2014-07-29 Downgrade Goldman Sachs Conviction-Buy to Buy
2014-07-29 Lower Price Target RBC Capital Sector Perform $58.00 to $54.00
2014-07-11 Lower Price Target Barclays Overweight $66.00 to $64.00
2014-07-02 Boost Price Target Barclays Overweight $64.00 to $66.00
2014-06-17 Upgrade Goldman Sachs Buy to Conviction-Buy
2014-06-11 Reiterated Rating JPMorgan Chase & Co. Underweight $51.00 to $53.00
2014-06-06 Upgrade Macquarie Neutral to Outperform $57.00 to $67.00
2014-05-22 Upgrade CL King Neutral to Buy
2014-05-05 Downgrade Gabelli & Co Buy to Hold
2014-05-05 Downgrade Gabelli Buy to Hold
2014-04-21 Upgrade KeyBanc Hold to Buy $63.00
2014-02-25 Lower Price Target Barclays Overweight $70.00 to $64.00
2014-02-04 Upgrade Gabelli & Co Hold to Buy
2014-02-04 Upgrade Gabelli Hold to Buy $67.00 to $100.00
2014-01-27 Boost Price Target Barclays Overweight $65.00 to $70.00
2014-01-22 Initiated Coverage Gabelli Hold
2014-01-03 Upgrade Bank of America Neutral to Buy
2013-12-09 Initiated Coverage Goldman Sachs Neutral to Buy $68.00
2013-10-29 Boost Price Target RBC Capital Sector Perform $56.00 to $60.00
2013-10-29 Boost Price Target Barclays Overweight $57.00 to $65.00
2013-07-19 Initiated Deutsche Bank Buy $64
2013-02-05 Upgrade Barclays Equal Weight to Overweight $51 to $64
2012-07-31 Reiterated Barclays Overweight $55 to $51
2012-03-21 Downgrade Stifel Nicolaus Buy to Hold
2012-03-16 Downgrade KeyBanc Capital Mkts Buy to Hold
2012-02-28 Reiterated RBC Capital Mkts Top Pick $55 to $64
2011-10-25 Downgrade BB&T Capital Mkts Buy to Hold
2011-08-15 Upgrade BB&T Capital Mkts Hold to Buy
2011-07-18 Downgrade BB&T Capital Mkts Buy to Hold
2011-05-03 Reiterated RBC Capital Mkts Top Pick $50 to $55
2011-04-06 Initiated KeyBanc Capital Mkts Buy $55
2011-03-21 Upgrade RBC Capital Mkts Outperform to Top Pick $47 to $50
2016-07-11 Downgrade Goldman Sachs Group Inc. Neutral to Sell $38.00 to $34.00
2016-07-08 Initiated Coverage Stephens Equal Weight
2016-05-16 Boost Price Target Citigroup Inc. Neutral $36.40 to $45.00
2016-05-16 Initiated Coverage Piper Jaffray Neutral $45.00
2016-05-16 Initiated Coverage JPMorgan Chase & Co. Neutral $50.00 to $45.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
ValueAct Holdings, L.P. 12.49%  (6852612) ADBE / ADS / ALSN / AWI / CBG / CIM / KAR / KKR / MSCI / STX / TRN / VRX /
Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust 9.57%  (5251234) AWI /
ESPE MATTHEW J President and CEO 0.16%  (87534) AWI / CNW / NCS / RLGY / UIS / VRTV / WCC /
OCONNOR JAMES J 0.11%  (62484) AFI / AWI /
Grizzle Victor Executive V.P., Armstrong Bdg 0.07%  (35990) AWI /
ASKREN STANLEY A 0.06%  (33728) ACAT / ALSN / AWI / HNI /
ROBERTS JOHN JOSEPH 0.05%  (26875) AWI / PEI / SFE / VG /
Huang Tao 0.05%  (26097) AWI / ELS /
MCWILLIAMS LARRY S 0.05%  (26097) AFI / AWI / BOBE /
Mangas Thomas B Sr. VP & CFO 0.04%  (23788) AWI / HOT /
Maier Donald R. Sr. VP Global Operations 0.04%  (21125) AFI / AWI /
Cookson David S SVP, North America 0.04%  (20869) AWI /
Melville James Clinton 0.04%  (19270) AFI / AWI /
GAFFNEY JAMES J 0.04%  (19233) AWI / BECN / POOL /
Hershey Mark A SVP, GenCnsl, Compliance, Sec 0.03%  (18914) AWI /
Wenz Richard 0.03%  (18551) AWI / SUMR /
JOHNSTON MICHAEL F 0.03%  (18551) AFI / AWI / DOV / WHR /
Romano Ellen R. SVP, Human Resources 0.02%  (10346) AWI /
Spivy Gregory P See Remarks 0.02%  (8349) ALSN / AWI /
TEMPLIN ROY W 0.01%  (7114) AWI / CNW /
Liaw Jeffrey 0.01%  (6682) AFI / AWI / CPRT /
McNamara Stephen F Vice President and Controller 0.01%  (6502) AWI /
Thomas Cherryl T 0.01%  (5592) AWI /
Chiappone Charles M SVP, Ceiling Solutions 0.01%  (4514) AWI /
Schulz David S. SVP and CFO 0.01%  (3996) AWI / WCC /