Armstrong To Take $31 Million Special Charge

Lancaster, PA, Sept. 10, 2009--Armstrong World Industries Inc. said it expects to take a $31 million accounting charge as it lives up to change-in-control agreements for employees and directors.

The provisions were triggered by an investment by private equity group TPG, which agreed last month to take at least a 14 percent stake in Armstrong.

On Aug. 28, an entity called Armor TPG bought 7 million common shares of Armstrong.

Armstrong said the expense is because of accelerated vesting of stock compensation, and the charge will be recorded in the third quarter.