Armstrong to sell another products division

LANCASTER, Pa. (July 6)—Armstrong World Industries said it will sell its Installation Products Group to Ardex Inc. for $86 million in cash. Aliquippa, Pa.-based Ardex, a leading maker of sub-floor preparation products, is buying all inventory and assets of the IPG division, including the shares of WW Henry, a flooring installation products manufacturer, purchased by Armstrong in 1986. It´s the second sale of a division by Armstrong in the last two months. In May, Armstrong sold its Insulation Products operation to Dutch investor Gilde for $282.9 million. Ardex will continue to operate IPG´s three U.S. manufacturing facilities in Bourbonnais, Ill.; Gallas, Ga.; and Arlington, Texas. Armstrong will use proceeds from the sale to help reduce corporate debt. The transaction is expected to be finalized in July.