HNI Corp. in Iowa today announced the completion of its acquisition of Steelcase Inc. in Grand Rapids, which is designed to evolve the needs of the workplace amid accelerating in-office work trends.
HNI, a manufacturer of workplace furnishings and residential building products that has been in business for 75 years, will maintain its corporate headquarters in Iowa. Steelcase will maintain its headquarters in Grand Rapids.
The combined business will have pro forma annual revenue of $5.8 billion.
For each share of Steelcase class A common stock owned immediately prior to the closing of the transaction, each Steelcase shareholder is receiving either: $7.20 in cash and 0.2192 shares of HNI common stock; $16.19 in cash and 0.0009 shares of HNI common stock; or 0.3940 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.
“We’re proud to announce the completion of the acquisition of Steelcase, which was strongly supported by the shareholders of both companies,” says Jeff Lorenger, chairman, president, and CEO of HNI Corp.
“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.”
Due to the acquisition, HNI’s board of directors expanded to 12 from 10 directors to include two former independent board members of Steelcase.
For more information, visit hnicorp.com and steelcase.com.
