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Knauf wraps up purchase of AWI activities

21.10.2019 − 

Knauf International acquired activities in the EMEA region and Pacific rim from Armstrong World Industries (AWI) at the end of the third quarter. This meant that closing took place later than originally planned. When the planned transaction was announced in late November 2017, the two companies had expected the deal to be finalised by the middle of 2018. At the end of 2018, AWI had anticipated that the sale to Knauf International might close in the first half.

As part of the transaction, Knauf already paid US$250m to AWI on 1 August and another US$80m on 15 September 2018. According to AWI, these payments will be credited against the purchase price of US$330m payable at closing. AWI does not expect the customary post-closing adjustments to have material impacts on net proceeds, which were previously listed at US$250m.

At the start of August, Knauf International reached an agreement with Aurelius Equity Opportunities to sell it AWI’s ceiling business as part of the transaction. Doing business as Armstrong Ceiling Solutions, these activities have two production plants in Team Valley Trading Estate near Gateshead in the UK and distribution sites in 11 European countries.

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