Armstrong covers wood floors

Sunday 14 June 1998 23:02 BST

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ARMSTRONG World Industries, North America's largest maker of floor coverings, is to acquire Triangle Pacific Corp for $1.15bn in cash and assumed debt, to become the world's top maker of wood flooring.

Armstrong World has agreed to pay $890m cash, or $55.50 a share, to Triangle Pacific shareholders - a 27 per premium over the stock's closing price. Armstrong World will also assume $260m in Triangle Pacific debt. Dallas- based Triangle Pacific makes hardwood flooring products and kitchen and bathroom cabinets at 15 plants, mainly in the US. In fiscal 1997 it had revenue of $652.9m.

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