LANCASTER, Pa.--(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.
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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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