DIRTT Announces Expansion of Partnership with Armstrong World Industries
CALGARY, Alberta, May 09, 2023 (GLOBE NEWSWIRE) -- DIRTT (or the "Company") (TSX:DRT, NASDAQ:DRTT), a global leader in industrialized construction, is pleased to announce it has entered into a joint arrangement with Armstrong World Industries, Inc. (“AWI”) for co-ownership of certain intellectual property interest in DIRTT’s ICE® software and enhanced commercial partnership opportunities for consideration of approximately $11 million (USD), subject to certain routine closing conditions.
DIRTT’s ICE software platform has been integral to the Company’s success from inception. The tool supports the construction process through its integration of the design, sale, pricing, and manufacturing process, acting as a key driver behind DIRTT’s unique approach to industrialized construction.
As a leader in the design, innovation and manufacture of ceiling solutions in the Americas, AWI has recognized the transformative value of DIRTT’s ICE software, as a critical enabler for their ProjectWorks® design and pre-construction service, including continuing expansion of AWI’s product portfolio with the software.
Benjamin Urban, DIRTT chief executive officer, said, “We believe AWI’s investment in ICE software is a strong validation of the software’s unique value in digital transformations for organizations creating built environments. DIRTT is excited for this partnership as it will provide additional resources and investment to move ICE software forward, while leveraging the partnership to identify and capitalize on new commercial opportunities and possible revenue growth capabilities.”
Jill Crager, AWI Senior Vice President, Sales Operations, added, “We are delighted to invest in the co-ownership of ICE software as we believe it will accelerate the design capabilities of ProjectWorks and significantly increase the speed with which Armstrong can integrate products from across our portfolio into ProjectWorks. We believe this investment supports our digital strategy to serve customers efficiently and effectively with industry-leading design support and will continue to differentiate AWI in the commercial construction industry.”
The joint arrangement will enable further investment in the ICE software platform for the shared interests of both DIRTT and AWI, as well as the potential for additional collaborative activities. DIRTT will also continue to advance the ICE software platform for use in its own business and corporate objectives.
Under the new arrangement, AWI will receive a 50% interest in certain intellectual property underlying DIRTT’s ICE software related to AWI’s product offering. In addition, AWI has also prepaid for certain development services to be provided by DIRTT.
About DIRTT
DIRTT is a global leader in industrialized construction. Its system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the workplace, healthcare, education, and public sector markets, DIRTT’s system provides total design freedom, and greater certainty in cost, schedule, and outcomes. DIRTT trades on Nasdaq (DRTT) and on the Toronto Stock Exchange (DRT).
About Armstrong World Industries Inc.
Armstrong World Industries, Inc. is a leader in the design and manufacture of innovative commercial and residential ceiling and wall solutions in the Americas. With $1.2 billion in revenue in 2022, AWI has approximately 3,000 employees and a manufacturing network of 16 facilities, plus seven facilities dedicated to its WAVE joint venture.
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