HNI Corporation has completed its acquisition of Steelcase Inc., combining their strengths to better address evolving workplace demands and create an industry-leading enterprise.

Target Company Overview

HNI Corporation (NYSE: HNI) has successfully completed its acquisition of Steelcase Inc. (NYSE: SCS), combining two established leaders in the workplace solutions sector. This strategic merger aims to address the increasing demands for innovative and adaptable workspace solutions as in-office work trends continue to evolve. HNI's Chairman, President, and CEO, Jeff Lorenger, expressed pride in this acquisition, emphasizing the shared values and strong financial profiles of both companies.

The acquisition is expected to create a powerful enterprise with pro forma annual revenues amounting to $5.8 billion. HNI and Steelcase will leverage their combined portfolios and distribution networks to enhance their capabilities in innovation and operational excellence. As part of the transaction, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each share of Steelcase they owned before the closing.

Industry Overview

The furniture and workplace solutions industry is experiencing significant growth, particularly in the context of changing workforce dynamics and the increased focus on creating flexible work enviro