Armstrong Holdings Inc. - the parent company of Armstrong World Industries Inc. - has distributed its entire assets, $28 million, to its shareholders and will cease to exist, the Lancaster flooring company said.

The holders of 40.6 million outstanding shares of Armstrong Holdings stock, which stopped trading Dec. 5, will receive 69 cents per share.

The $28 million is a payment in cash and shares to the holding company from Armstrong World Industries, which continues to trade on the New York Stock Exchange under the ticker symbol AWI. Shares were down 16 cents, to $40.14 in midday trading.