Armstrong World Industries, Inc. announced Sept. 30 that it has completed the sale to Knauf International GmbH of certain subsidiaries comprising the EMEA and Pacific Rim businesses of the company, including the businesses of the WAVE joint venture in EMEA and the Pacific Rim, as well as Armstrong France and WAVE France.
The purchase price of $330 million is subject to customary post-closing adjustments. Knauf paid to AWI $250 million of the purchase price on Aug. 1, 2018, and $80 million of the purchase price on Sept. 15, 2018. As part of the post-closing adjustment process, these purchase price payments will be credited against the total consideration payable at closing. The company does not expect the net impact of post-closing adjustments to be material.
