Armstrong World Industries, Inc. announced Nov. 20, 2020, that it has entered into an agreement to acquire Arktura, LLC, a designer and fabricator of ceilings, walls, partitions and façades based in Los Angeles. Founded and led by architects and designers, Arktura is a manufacturer of architectural specialty metal and felt solutions.
In connection with the transaction and subject to closing, AWI and Arktura also plan to form and launch Arktura Ventures LLC, an incubator for exploring and accelerating new product, technology and materials solutions in architecture, design, engineering and construction, above and beyond their existing core businesses. Arktura Ventures is expected to be co-managed and co-led by representatives from both organizations, with AWI maintaining majority ownership and control. Arktura Ventures would complement AWI’s strategic growth initiatives, including its digitalization, business development and sustainability platforms.
Arktura has projected 2020 revenues of approximately $37 million. AWI expects to fund the acquisition with its revolving credit facility and available cash.
