DIRTT Announces Expansion of Partnership with Armstrong World Industries
09 Mai 2023 - 11:00PM
DIRTT (or the "Company") (TSX:DRT, NASDAQ:DRTT), a global leader in
industrialized construction, is pleased to announce it has entered
into a joint arrangement with Armstrong World Industries, Inc.
(“AWI”) for co-ownership of certain intellectual property interest
in DIRTT’s ICE® software and enhanced commercial partnership
opportunities for consideration of approximately $11 million (USD),
subject to certain routine closing conditions.
DIRTT’s ICE software platform has been integral
to the Company’s success from inception. The tool supports the
construction process through its integration of the design,
sale, pricing, and manufacturing process, acting as a key
driver behind DIRTT’s unique approach to industrialized
construction.
As a leader in the design, innovation and
manufacture of ceiling solutions in the Americas, AWI has
recognized the transformative value of DIRTT’s ICE software, as a
critical enabler for their ProjectWorks® design and
pre-construction service, including continuing expansion of AWI’s
product portfolio with the software.
Benjamin Urban, DIRTT chief executive officer,
said, “We believe AWI’s investment in ICE software is a strong
validation of the software’s unique value in digital
transformations for organizations creating built environments.
DIRTT is excited for this partnership as it will provide additional
resources and investment to move ICE software forward, while
leveraging the partnership to identify and capitalize on new
commercial opportunities and possible revenue growth
capabilities.”
Jill Crager, AWI Senior Vice President, Sales
Operations, added, “We are delighted to invest in the co-ownership
of ICE software as we believe it will accelerate the design
capabilities of ProjectWorks and significantly increase the speed
with which Armstrong can integrate products from across our
portfolio into ProjectWorks. We believe this investment supports
our digital strategy to serve customers efficiently and effectively
with industry-leading design support and will continue to
differentiate AWI in the commercial construction industry.”
The joint arrangement will enable further
investment in the ICE software platform for the shared interests of
both DIRTT and AWI, as well as the potential for additional
collaborative activities. DIRTT will also continue to advance the
ICE software platform for use in its own business and corporate
objectives.
Under the new arrangement, AWI will receive a
50% interest in certain intellectual property underlying DIRTT’s
ICE software related to AWI’s product offering. In addition, AWI
has also prepaid for certain development services to be provided by
DIRTT.
About DIRTT
DIRTT is a global leader in industrialized
construction. Its system of physical products and digital tools
empowers organizations, together with construction and design
leaders, to build high-performing, adaptable, interior
environments. Operating in the workplace, healthcare, education,
and public sector markets, DIRTT’s system provides total design
freedom, and greater certainty in cost, schedule, and outcomes.
DIRTT trades on Nasdaq (DRTT) and on the Toronto Stock Exchange
(DRT).
About Armstrong World Industries
Inc.
Armstrong World Industries, Inc. is a leader in
the design and manufacture of innovative commercial and residential
ceiling and wall solutions in the Americas. With $1.2 billion in
revenue in 2022, AWI has approximately 3,000 employees and a
manufacturing network of 16 facilities, plus seven facilities
dedicated to its WAVE joint venture.
For further information, please
contact:
DIRTT Investor Relations at ir@dirtt.com.
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