Thomasville sale to Interco complete.
LANCATER, Pa. - Armstrong world Industries completed the sale of its Thomasville Furniture Industries Inc. unit to Interco Inc. for $331 million in cash. The company said Interco also assumed $8 million of Thomasville debt. In a press release, Armstrong said as a result of the sale, it will record an unspecified fourth-quarter gain on the transaction. The company said the after-tax proceeds from the sale, net of fees and expenses, were about $280 million.Interco, which owns Broyhill and Lane, has revenues exceeding $1 billion, struck the deal last November
A wholly owned subsidiary of Armstrong World Industries, Thomasville manufactures and markets better case goods and upholstered furniture under the Thomasville name, as well as promotional and ready-to-assemble furniture under the Armstrong name.
In addition to the Thomasville brand, Interco gains a ready-made piece of the promotional- and ready-to-assemble furniture markets that have been cultivated under Armstrong brand, and the deal lets Interco use the Armstrong name for a limited time.
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| Title Annotation: | Thomasville Furniture |
|---|---|
| Publication: | HFN The Weekly Newspaper for the Home Furnishing Network |
| Article Type: | Brief Article |
| Date: | Jan 15, 1996 |
| Words: | 161 |
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