Document YDyZLa9dG6QG8gXMz2451JgvD

lOSIliSf !*M S+o-tL0^- Armstrong Sells Contracting Firrt i-b AC and S Inc. Bought by Own Management for $8.5 Million Armstrong Cork Co. board of directors Mon day agreed to sell for $8.5 million a subsidiary known for many years as Armstrong Contracting & Supply Co. : '.'V-v The purchasers in the com The management of North plicated deal'are the top man agement of Armstrong Con tracting & Supply, now known as AC and S, Inc. The name was changed last month. In Lime Corp. has indicated its intent to issue additional shares at a later date, after registration with the Securities and Exchange Commission. This would broaden the base ternational headquarters is lo cated at 120 N. Lime St. AC and S and its subsidiary, Armstrong Contracting of Ca nada, employs 2,500 to 3,000 men and women, including 70 in Lancaster. The others staff 54 sales offices in the United States and four in Canada. of ownership by enabling addi tional AC and S employes to buy stock in the new com pany. INSULATION FIRM AC and S, largest insulation contracting firm in the nation, was founded in 1958. James B. Binns, president of Armstrong' Cork, said the EFFECTIVE DATE The transaction becomes ef fective Aug. 1. The purchaser is a new company, known as North Lime Corp. It will buy all stock of AC and S for ap proximately $8.8 million. Pay ment will be made partly by cash and partly by a payable note. , North Lime Corp. was formed for the sole purpose of acquiring the capital stock of AC and S Inc. and. does not plan to conduct other business in its own name, the an V'- ' nouncementsaid. Officers of the North Lime Corp. are the same as those of AC and 3. They are: James W. Liddell, Lancaster, presi dent; John S. Taylor, .. vice president, secretary and i. director of employe relations; *' : ) Alexander V. Stoycos, Laneas- : ter, treasurer and credit man- ! ager, and Fred L. Gardner, -l Lancaster, assistant secre* 'fr'i tary, contract officer and m V ',L* manager of office services. OTHER OFFICERS Other officers are these' re- gional vice presidents: `j Charles W. Fowler, Kansas ;V.j City; George B. Hetrick Jr., St. Louis; Arthur G. Klein, ; 'V ! Cleveland; Hugh N. March, Boston; Richard A. Sigel, transaction is the latest step in the company's long-range plan to consolidate its re sources in marketing areas best suited to its corporate ca pabilities and growth objec tives. Within the past two years Armstrong has acquired Thomasville Furniture Industries, Inc., and E k B Carpet Mills, Inc.; has divested itself of its packaging materials and con sumer packaged-goods busi nesses; and has invested con-, siderable capital in programs to further strengthen its wellestablished businesses in resil ient flooring, ceiling systems, building products, and indus trial specialties. "This move will enable us to further concentrate the ca pabilities of our organization into fields to which we can c 'U. '' make substantial contribu tions," Binns said. "We are pleased also that AC and S employes will now be able to share more directly in the suc cess of a company that air ready has a reputation for ex cellence in the field of its spe cialty." Among recent contracts handled by AC and S were those for the Vertical Assem bly Building at Cape Kennedy, where the lift-off rockets for the Apollo 11 moon flight were York. erected; the John Hancock Directors of North Lime PCaoirnpt.era,rreetUiredddeelxLecCutuivrteisviNce. Building in Chicago, second . btaullieldsint ga.pinartthmeewntoraldn;da-nodfftichee ' I president of Armstrong Cork 295-foot Seafreeze Atlantic, Co., and Charles L. VanDusen, executive vice president of largest fishing vessel ever built in the United States. Lancaster County Farmed National Bank. Other direy I tors will be added later. ( {_ j ' V`. :