GRAND RAPIDS, Mich. — Iowa-based company HNI Corporation has announced on Wednesday that it has completed it's acquisition of Steelcase Inc., a company based in West Michigan.
“We’re proud to announce the completion of the acquisition of Steelcase, which was strongly supported by the shareholders of both companies,” said Jeff Lorenger, HNI Corporation’s Chairman, President and Chief Executive Officer. “We are bringing together two highly respected companies with shared values, talented teams, strong financial profiles, and highly complementary capabilities—innovation, thought leadership, and operational excellence chief among them. This strong foundation, combined with expected synergies, will accelerate our ability to invest in long-term operational enhancements, digital transformation, and customer-centered buying experiences."
PREVIOUS COVERAGE: West Michigan-based Steelcase to sell to Iowa company
HNI Corporation will maintain its corporate headquarters in Muscatine, Iowa. Steelcase will maintain its headquarters in Grand Rapids, Michigan. HNI's Board of Directors has expanded from 10 to 12 directors, now including two former independent board members of Steelcase.
Each Steelcase shareholder is receiving the following, at such shareholder's election without interest:
- $7.20 in cash and 0.2192 shares of HNI common stock
- $16.19 in cash and 0.0009 shares of HNI common stock
- 0.394 shares of HNI common stock
No fractional HNI common stock will be issued in the transaction, and holders of Steelcase class A common stock will receive cash in lieu of any fractional HNI common stock.
The acquisition of Steelcase to HNI Corporation combines the portfolios, distribution networks, and capabilities of both companies. The combined business will have pro forma annual revenues of $5.8 Billion.
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