EXHIBIT 99.1
ARMSTRONG
NYSE Suspends Trading in Armstrong
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LANCASTER, PA (NOVEMBER 8, 2002) Armstrong Holdings, Inc. (AHI) and Armstrong
World Industries, Inc. (AWI) announced today that the New York Stock Exchange,
Inc. (NYSE) has determined to suspend trading and pursue delisting AHI's common
stock (NYSE: ACK) and of AWI's 9.75% Debentures due April 15, 2008 and 7.45%
Senior Quarterly Interest Bonds due October 15, 2038 (NYSE: AKK).
The NYSE reached its decision following AWI filing its Plan of
Reorganization with the U.S. Bankruptcy Court on November 4, 2002. Leonard A.
Campanaro, Armstrong Senior Vice President and Chief Financial Officer stated
that "Armstrong is disappointed in the Exchange's decision regarding continued
listing."
AHI expects that its common stock will be quoted on the OTC
(over-the-counter) Bulletin Board ("OTCBB") within the next several days. The
OTCBB is a regulated quotation service that displays real-time quotes, last-sale
prices and volume information in OTC equity securities. Information about the
OTCBB may be found on the Internet at www.otcbb.com. In addition, AWI expects
that its 9.75% Debentures and 7.45% Senior Quarterly Interest Bonds will also be
trading on an alternative market in the near future. Investors should be aware
that trading in Armstrong's equity and debt issues through market makers and
quotation services may involve different execution from the NYSE. Armstrong
intends to issue a press release when such trading commences. However, the
initiation of trading is not within the control of Armstrong.
AHI is the publicly held parent holding company of AWI. AHI became
the parent company of AWI on May 1, 2000, following AWI shareholder approval of
a plan of exchange under which each share of AWI was automatically exchanged for
one share of AHI. AHI was formed for purposes of the share exchange and holds no
other significant assets or operations apart from AWI and AWI's subsidiaries.
Stock certificates that formerly represented shares of AWI were automatically
cnverted into certificates representing the same number of shares of AHI. The
publicly held debt of AWI was not affected in the transaction.
Armstrong is a global leader in the design and manufacture of floors,
ceilings and cabinets. In 2001, Armstrong's net sales totaled more than $3
billion. Founded in 1860, Armstrong has approximately 16,000 employees
worldwide. More information about Armstrong is available on the Internet at
www.armstrong.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements provide the expectations or forecasts with respect to future events
of AHI and AWI. Actual results could differ materially as a result of known and
unknown risks and uncertainties and other factors, including factors relating to
AWI's chapter 11 filing, such as the ultimate size of AWI's asbestos-related and
other liabilities and its ability to achieve all required approvals of a plan of
reorganization; claims relating to legal, environmental or tax matters discussed
in our public filings which may affect the plan; changes in the competitive
structures of the markets and economic growth rates in areas of the world where
we do business and other risks, uncertainties and factors disclosed in AHI's and
AWI's most recent reports on Forms 10-K, 10-Q and 8-K filed with the Securities
and Exchange Commission (SEC) which may affect the company's business or
financial condition in a way that may affect the plan. We undertake no
obligation to update any forward-looking statement.
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MEDIA CONTACT: INVESTOR CONTACT:
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Tom Burlington Deb Miller
Manager, External Vice President
Corporate Communication Corporate Communication
(717) 396-5220 (717) 396-5306