Armtek Corp. said it has agreed to...

Armtek Corp. said it has agreed to sell its Armstrong Tire Co. unit to Pirelli Group for $190 million in cash. Armtek and Pirelli have signed a binding agreement for the sale, said John N. Sievers, Armtek’s director of corporate planning. The transaction is subject to approval by Armtek’s board and is expected to close by May 31, the announcement by Armtek said. Milan, Italy-based Pirelli will acquire Armstrong’s three tire manufacturing plants in Des Moines, Iowa; Hanford, Calif., and Nashville, Tenn., and its tire chord and fabric manufacturing facility in Laurel Hill, N.C.