USA-based flooring group Armstrong is selling its kitchen and bathroom furniture activities, which are consolidated in the cabinets business division, to American Industrial Partners for a price of US$27m. Both companies announced a corresponding agreement on 26 September 2012. The transaction is supposed to be completed in the fourth quarter; From the third quarter onwards cabinets business is to be recorded as discontinued operations. Therefore the US$40m generated with cabinets during this period will not be included in the consolidated financial statement. Source: euwid-wood-products
Source:
http://www.euwid-wood-products.com/news/furniture/single/Artikel/armstrong-to-withdraw-from-furniture-business.html
