December 7, 2018 / 2:25 PM / 8 days ago

EU clears with conditions Knauf's buy of Armstrong business

BRUSSELS (Reuters) - EU antitrust regulators approved on Friday Knauf’s purchase of Armstrong World Industries’ (AWI.N) ceilings business outside the Americas on condition the German building materials maker sells Armstrong’s tiles plants in Britain.

Both companies are two of Europe’s biggest suppliers of modular suspended ceilings, which are used in offices, hospitals and schools.

The European Commission said the sale of the Armstrong unit and the transfer of the U.S. company’s sales team and customer base in 11 countries to ensure the viability of the divested business addressed its competition concerns.

Reporting by Foo Yun Chee; editing by Francesco Guarascio

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