LISA SCHEID | Business Trends ReporterLancaster-headquartered Armstrong World Industries has taken a 20% stake in a Seattle-based ceiling system designer and maker Overcast Innovations.
An Armstrong spokesperson declined to disclose the dollar amount. Armstrong also has the option to increase its ownership of the company.
Armstrong and Overcast Innovations parent corporation McKinstry have both entered into strategic partnership agreements with Overcast to collaborate on developing and marketing ceiling systems, with a focus on reducing waste and inefficiencies and improving acoustics and indoor air quality.
Overcast is a subsidiary of construction and energy services company McKinstry, which is also based in Seattle. Overcast makes ceiling systems that integrate mechanical HVAC, lighting, audiovisual components, sensors, smoke detectors and other above-ceiling equipment.
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.
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.
