HNI Corp., the Iowa-based workplace furnishings and residential products manufacturer, has completed its acquisition of Steelcase Inc. in Grand Rapids. The deal is aimed at evolving office environments in response to accelerating in-office work trends.
© Steelcase
Steelcase will maintain its headquarters in Grand Rapids, while HNI remains in Iowa. The combined business is projected to achieve pro forma annual revenue of $5.8 billion. Steelcase shareholders received a mix of cash and HNI common stock, with fractional shares paid out in cash.
Jeff Lorenger, HNI chairman, president, and CEO, highlighted that both companies share core values, talented teams, and complementary strengths in innovation, operational excellence, and thought leadership. He added that the acquisition will support synergies, digital transformation, and improved customer experiences.
The transaction also expanded HNI's board of directors from 10 to 12, incorporating two former independent Steelcase board members. The acquisition reflects HNI's strategy to enhance its product offerings and adapt to shifting workplace dynamics while leveraging the combined expertise of both companies.
Source: www.dbusiness.com
