ARMSTRONG WORLD INDUSTRIES Business Summary

Armstrong World Industries Inc. (AWI) is a leading designer and manufacturer of interior and exterior architectural solutions, primarily generating revenue through the sale of high-performance ceiling and wall systems. The company operates through two primary business segments: Mineral Fiber, which produces suspended mineral fiber and fiberglass ceilings and accounts for approximately 64% of total sales, and Architectural Specialties, a high-growth segment focused on specialty metal, wood, and felt solutions. AWI also benefits from its 50/50 joint venture, Worthington Armstrong Venture (WAVE), which dominates the North American market for ceiling suspension systems. Positioned as the dominant leader in the Americas with a market share of approximately 40%, AWI competes directly with USG Corporation, Rockfon (a subsidiary of Rockwool), and CertainTeed (a subsidiary of Saint-Gobain), maintaining its edge through premium pricing power and a specification-driven business model. Founded in 1860 by Thomas Morton Armstrong as a small cork-cutting shop, the company is currently led by President and CEO Victor D. Grizzle, who has overseen a decade of strategic transformation and is slated to transition to Executive Chair on April 1, 2026. He will be succeeded as CEO by Mark A. Hershey, the current Chief Operating Officer and former General Counsel, who has been instrumental in the company’s aggressive acquisition strategy, including the recent integration of Eventscape and Geometrik. The leadership team is supported by incoming SVP and General Counsel Jessica M. Cicali and a robust Board of Directors chaired by Roy W. Templin, former CFO of Whirlpool Corporation. Notable board members include Kevin P. Holleran, CEO of Hayward Holdings, and Kathleen E. Pitre of Ball Corporation, reflecting a high-pedigree governance structure backed by nearly 99% institutional ownership.