Armstrong World Industries Announces Strategic Partnership with McKinstry and Equity Investment in Overcast Innovations Venture
08 Januar 2024 - 1:00PM
Business Wire
Armstrong World Industries, Inc. (NYSE: AWI) announced today
that it has entered into a strategic partnership with McKinstry, a
leading construction and energy services company, by making an
equity investment in its Overcast Innovations venture. Overcast
Innovations offers integrated building solutions, including
prefabricated ceiling cloud systems, modular grid platforms and
engineering design services, to reduce waste and inefficiencies in
the built environment. The partnership and investment are expected
to accelerate Overcast’s growth through access to Armstrong’s
portfolio of ceiling solutions and go-to-market platform.
The innovative, integrated modular ceiling systems designed and
manufactured by Overcast Innovations address some of the most
significant challenges facing building owners, architects,
designers and contractors. These challenges include skilled labor
shortages, the need for energy-saving materials and design, as well
as the increasing complexity of installing the systems, devices and
components needed to meet today’s tenant requirements. Overcast
engages with architects to integrate mechanical HVAC, lighting,
audiovisual components, sensors, smoke detectors and other
above-ceiling equipment into these factory-manufactured
architectural ceiling solutions.
“Partnering with McKinstry on a venture like Overcast is an
important step for Armstrong as we work to meet the intensifying
needs within the commercial construction industry for healthy
buildings, sustainability and construction efficiency with more
innovative, technology-driven solutions,” said AWI CEO and
president Vic Grizzle. “Bringing together industry-leading
Armstrong ceiling systems with Overcast’s pioneering, integrated
modular ceiling design offers unique and sustainable solutions
focused on key IEQ areas of air quality, lighting, acoustics and
thermal comfort along with energy and construction efficiency. This
is a great example of how collaboration within our industry can
advance critical, sustainable solutions for the built
environment.”
In connection with the transaction, Armstrong has entered into a
purchase agreement reflecting an initial equity investment in
Overcast of approximately 20%, with future rights to increase its
ownership interest. Additionally, Armstrong and McKinstry have both
entered into strategic partnership agreements with Overcast to
collaborate on supply arrangements, marketing and communications
and sales for Overcast’s integrated building solutions.
For more information, visit
https://www.armstrongceilings.com/overcastinnovations.
About Armstrong World Industries
Armstrong World Industries, Inc. (AWI) is a leader in the design
and manufacture of innovative ceiling and wall system solutions in
the Americas. With $1.2 billion in revenue in 2022, AWI has
approximately 3,100 employees and a manufacturing network of 17
facilities, plus seven facilities dedicated to its WAVE joint
venture.
About Overcast Innovations
Overcast Innovations is a McKinstry-owned subsidiary that
liberates construction projects from productivity traps and
systemic waste. Overcast’s products eliminate siloed design and
installation practices, improve onsite field coordination and lower
labor costs while enhancing overall aesthetic and operational
quality.
About McKinstry
McKinstry is a national leader in designing, constructing,
operating and maintaining high-performing buildings. From new
construction and ongoing operations to adaptive reuse and energy
retrofits, the company provides a single point of accountability
across the entire building lifecycle. McKinstry focuses on people
and outcomes to ensure the built environment serves owners,
operators and occupants alike.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108809421/en/
Theresa Womble, tlwomble@armstrongceilings.com or (717)
396-6354
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