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LANCASTER, Pa., Dec. 11, 2014 /PRNewswire/ -- Armstrong World Industries, Inc. (NYSE: ) today announced that, following a review of strategic alternatives, it has decided to exit its European flooring business and cease further funding of its DLW subsidiary effective immediately. As a result of this decision, local DLW management filed for insolvency in Germany. 'Our difficult, but necessary, decision to exit the European flooring business and discontinue funding our DLW subsidiary in Germany was the culmination of a comprehensive evaluation of strategic alternatives following years of disappointing results, multiple restructuring initiatives and significant financial investments,' said Armstrong CEO, Matthew J. DLW management concluded that its operations could not be financed and sustained without funding from its Armstrong parent and, as a result, filed for insolvency under applicable German law.
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Armstrong World Industries Exits European Flooring Business; DLW Subsidiary Files for Insolvency News provided by Armstrong World Industries, Inc. Seek advice from our expert partners in your area!
Game for pc windows 7. Armstrong expects all operations at the two DLW manufacturing plants in Germany, as well as at the DLW administrative offices across Europe, to continue in the normal course for the near term. A preliminary insolvency administrator in Germany will be appointed by the local court. As a result of the insolvency filing and Armstrong's loss of control of the DLW operations, Armstrong will classify the results of the European flooring business as discontinued operations starting in the fourth quarter of 2014. New marathi movie hd. The following provides a summary of the operating results of the European flooring business for the nine-month period ended September 30, 2014 (previously shown as part of the Resilient Flooring reporting segment). Net sales $144.7 million Operating loss ($23.2) million In addition, the carrying value of assets was $152.0 million as of September 30, 2014, including property, plant & equipment of $73.4 million and inventory of $57.1 million. The carrying value of liabilities was $171.3 million as of September 30, 2014, including an unfunded pension liability of $126.5 million.