Armstrong selling insulation unit to Dutch firm

LANCASTER Pa. (April 28)—Armstrong World Industries Inc. is selling its Armstrong Insulation Products operation to a Dutch investment group, effectively taking Armstrong World out of the rubber industry. Gilde Investment Management N.V., of Utrecht, Netherlands, will pay $280 million for AIP, producer of the foamed elastomeric and thermoplastic Armaflex pipe and sheet insulation. AIP operates 12 manufacturing plants in nine countries—including two sites in the U.S.—and reported sales last year of $225.7 million with operating income of $45.7 million.