Armstrong Flooring Announces Successful Bid for North American Business and Binding Bids to Acquire Chinese and Australian Businesses

LANCASTER, Pa., July 10, 2022 (GLOBE NEWSWIRE) -- Armstrong Flooring, Inc. (OTC:AFIIQ ), a leader in the design and manufacture of innovative flooring solutions ("Armstrong Flooring" or "the Company"), today announced that it has entered into a binding Asset Purchase Agreement with a consortium of buyers consisting of AHF, LLC and Gordon Brothers pursuant to which these buyers will acquire substantially all Armstrong Flooring Inc.'s North American assets for $107 million in cash and assumption of specified assumed liabilities. This binding Asset Purchase Agreement was the culmination of the Company's Chapter 11 auction process for its North American assets. The auctions for the sale of the Company's Chinese and Australian businesses have not yet formally concluded, but we expect to conclude them in the near term. The Company has received binding bids to acquire each of the Chinese business and the Australian business and will sign the definitive purchase agreements for these transactions as soon as the auctions close. The Chinese and Australian businesses will continue to operate as usual and the operations remain unaffected by the Chapter 11 cases. The AHF and Gordon Brothers consortium would acquire substantially all of the assets of North America. AHF plans to continue operating the Lancaster, Kankakee and Beech Creek locations, and the Company would pursue an orderly winddown of its Jackson and Stillwater locations on July 15, 2022. Pending consummation of the sale of its North American assets, which is scheduled for July 22, 2022, Armstrong Flooring will continue to operate as usual in all North American geographies and remains committed to its customers and other stakeholders. The proposed transactions are the outcome of ... Full story available on Benzinga.com