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Here are a few brief analogies for Armstrong World Industries (AWI):

• Sherwin-Williams for commercial ceilings: AWI is a leader in providing the materials and systems that cover the overhead surfaces of commercial buildings, much like Sherwin-Williams dominates the market for paints and coatings used on interior walls and surfaces. Both are go-to brands for architects and contractors for interior finishes.
• Kohler for commercial ceilings and walls: Similar to how Kohler is a well-known provider of high-quality, design-driven fixtures and systems for kitchens and bathrooms, AWI specializes in comprehensive, aesthetically pleasing, and high-performance ceiling and wall solutions for commercial spaces.

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• Mineral Fiber Ceilings: Acoustic ceiling panels primarily made from mineral fiber, designed to absorb sound and provide aesthetic appeal for various building types.
• Suspension Systems: Metal grids and hardware used to install and support suspended ceiling panels, forming the structural framework for the ceiling system.
• Specialty Ceilings: Advanced ceiling solutions made from materials like metal, wood, or translucent composites, offering enhanced design flexibility and performance characteristics for specific architectural needs.
• Wall Systems: Integrated wall solutions including acoustic panels and other architectural finishes designed to improve sound control, durability, and aesthetics in interior spaces.

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Armstrong World Industries (AWI) primarily sells its ceiling and wall systems to other companies, operating on a business-to-business (B2B) model. Their products are distributed and installed in a wide range of commercial and residential applications.

Based on their 2023 10-K filing, their major customer is:

• Beacon Building Products (symbol: BECN)
  (This customer accounted for approximately 11% of AWI's consolidated net sales in 2023.)

Beyond this specific major customer, AWI generally sells its products through a diversified network of independent distributors and directly to large contractors and specifiers (such as architects and designers) who then incorporate AWI's solutions into commercial and residential construction projects.

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Victor D. Grizzle, President & Chief Executive Officer
Victor D. Grizzle has served as President and Chief Executive Officer of Armstrong World Industries since March 2016. He joined the company in January 2011 as Executive Vice President. Mr. Grizzle brings over 30 years of experience in manufacturing, process improvements, managing large-scale, global sales and marketing teams, and leading international businesses to achieve growth. Prior to joining AWI, he served from 2005 to 2010 as President of Global Structures, Coatings and Tubing for Valmont Industries, a global leader in engineered products. He also served as President of the Commercial Power Division of EaglePicher Corporation. Earlier in his career, Mr. Grizzle spent 16 years at General Electric in various operational roles in Asia, Europe, and North America. He currently serves on the board of directors for Franklin Electric.

Christopher P. Calzaretta, Senior Vice President & Chief Financial Officer
Christopher P. Calzaretta was appointed Chief Financial Officer of Armstrong World Industries in 2022. He joined AWI in 2018 as Vice President of Finance for the Americas. Mr. Calzaretta has over 20 years of finance and public accounting experience, having held various financial and accounting roles at E.I. DuPont de Nemours and FMC Corporation prior to joining AWI.

Mark Hershey, Senior Vice President & Chief Operating Officer
Mark Hershey was named Senior Vice President and Chief Operating Officer in 2025. Before this role, he served as Senior Vice President, Americas since 2022. Mr. Hershey joined AWI in 2011 as General Counsel and Secretary, and subsequently served as Chief Compliance Officer and leader of the company's sustainability efforts. During his tenure at AWI, he played a key leadership role in the separation of the flooring business in 2016, the sale of its European and Asian businesses in 2019, and multiple acquisitions to grow Armstrong's Architectural Specialties portfolio. Prior to AWI, he held positions as Senior Vice President, General Counsel, and Secretary at Ricoh Americas Corporation and IKON Office Solutions, Inc.

Austin So, Senior Vice President, General Counsel, Head of Government Relations & Chief Sustainability Officer
Austin So joined Armstrong World Industries in 2022 as Senior Vice President, General Counsel, and Secretary. In 2025, his position expanded to include Head of Government Relations. He is responsible for leading the company's legal team and directing the strategy and execution of AWI's government relations, sustainability, and compliance programs. Mr. So brings over 20 years of broad legal experience from both corporate and private practice, having previously served as Chief Legal Officer, Secretary, and Senior Vice President of StoneMor Inc. and as General Counsel and Secretary of Heraeus Holding GMBH.

Jill Crager, Senior Vice President, Sales and Digital Marketing
Jill Crager became Senior Vice President, Sales Operations, effective January 1, 2022, overseeing all distribution and direct sales channels, pricing, customer service, and commercial digitalization. She served as Vice President, Commercial Digitalization at AWI since 2019. Ms. Crager joined AWI in 1998 and has held several customer-facing roles, including Vice President, National Accounts and Retail. She holds a bachelor's degree in Computer Science from The Pennsylvania State University.

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Armstrong World Industries (AWI) is a leading designer, manufacturer, and distributor of ceiling and wall systems, including mineral fiber, fiberglass, metal, wood, felt, and cementitious wood fiber products. The company primarily operates in the U.S. and Canada.

Based on available market research, the addressable markets for their main products and services are sized as follows:

• North America Ceiling Tiles Market:
  • The market size was estimated at USD 2.74 billion in 2024 and is projected to reach USD 6.14 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 9.4% from 2025 to 2033.
  • Another estimate indicates the North America ceiling tiles market is expected to reach USD 4.70 billion by 2030, with a CAGR of 9.1%.
  • Within the U.S. specifically, the ceiling market was valued at $2.5 billion.
  • Armstrong World Industries held a 32% market share in commercial ceiling solutions in North America as of 2023.
• North America Architectural Walls Market:
  • This market was valued at USD 4.0993 billion in 2024 and is projected to reach USD 6.593 billion by 2031, exhibiting a CAGR of 6.12% from 2024 to 2031.
  • The North America Wall Panellings market size was USD 7005.68 million in 2024 and is projected to reach USD 9512.7 million by 2031, growing at a CAGR of 3.2% from 2024 to 2031.
  • The North America Prefabricated Wall Panel market is estimated to reach $16,645.6 million by 2032, growing at a CAGR of 7.0% from 2025 to 2032.

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1. Strategic Acquisitions and Architectural Specialties Expansion: Acquisitions, such as those of 3form and Zahner in 2024, are consistently highlighted as significant contributors to the Architectural Specialties segment's net sales growth. These acquisitions are driving double-digit organic sales growth and strengthening broad-based penetration within specialty product categories. The company's strategy includes broadening its product portfolio and capabilities through further acquisitions.

2. Favorable Average Unit Value (AUV) and Pricing Power: Armstrong World Industries has consistently reported revenue growth driven by favorable Average Unit Value (AUV), which encompasses both pricing and product mix. This has been a key factor across both its Mineral Fiber and Architectural Specialties segments. Management commentary often attributes AUV gains to strong commercial execution and the benefits of growth initiatives.

3. Organic Growth through Innovation and Digital Initiatives: The company emphasizes innovation and the development of digitally-enabled systems and tools as drivers of organic growth. These initiatives are expected to create efficiencies, enhance customer experience, and generate new demand, particularly in the high-end product portfolio of the Mineral Fiber segment and within the Architectural Specialties segment.

4. Volume Growth in Key Market Sectors: While AUV has been a primary driver, increased sales volumes are also contributing to revenue growth. Specific market sectors like education and healthcare are showing stabilized demand, and new opportunities are expanding in areas such as data centers. The office market, which has been sluggish, is also beginning to show signs of recovery, providing a positive outlook for future volume growth.

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Share Repurchases

• In July 2023, the Board of Directors authorized an additional $500 million for share repurchases, increasing the total authorized amount under the program to $1.7 billion through December 2026.
• During the third quarter of 2025, Armstrong World Industries repurchased $27 million of common stock, with $583 million remaining under the authorized share repurchase program as of September 30, 2025.
• Over the last three to five years, significant repurchases include $15 million in Q3 2024, $15 million in Q1 2024, and $30 million in Q2 2023.

Share Issuance

• No significant share issuances for capital raising by third parties were identified within the last 3-5 years.

Inbound Investments

• No large inbound investments by strategic partners or private equity firms were identified within the last 3-5 years.

Outbound Investments

• In the third quarter of 2025, the company made a bolt-on acquisition of Geometrik for $7.5 million.
• In 2024, Armstrong World Industries paid $94 million for the 3form acquisition, which contributed to Architectural Specialties net sales.
• In July 2023, the company acquired BOK Modern, LLC to complement and expand its metal capabilities.

Capital Expenditures

• Actual annual capital expenditures were $72 million in 2021, $90 million in 2022, and $104 million in 2023, with $171 million for the trailing twelve months ended June 2025.
• Expected capital expenditures for 2025 are projected to be between $100 million and $110 million.
• In 2023, the company completed a multiyear investment in its Johnstown, Ohio metal facility to increase production capacity and capabilities, including expanding its footprint and installing new equipment.