March 3, 2024

Maryland Heights Residents

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Muscatine-based HNI buys office furniture competitor Kimball

3 min read
Muscatine-based HNI buys office furniture competitor Kimball
A rendering of medical office furniture manufactured by Kimball International. Muscatine-based office furniture maker HNI Corp. has acquired Kimball, a move that gives it entry to the medical office furnishings market.

Muscatine-dependent furnishings maker HNI Corp. ideas to get competitor Kimball Worldwide, the enterprise announced Wednesday.

In a news launch, HNI executives mentioned they would acquire Indianapolis-based Kimball for about $485 million. The offer values Kimball at $9 a share, a 34{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} top quality on the inventory selling price as of Tuesday.

The offer, which will call for approval from Kimball shareholders and govt regulators, would boost HNI’s office furnishing division, the bread and butter of the firm’s organization.

Beforehand:Iowa’s HNI Corp. cuts expenses as it expects ‘challenging’ 2023

The division struggled by the initially two decades of the COVID-19 pandemic as corporate and government desire for desks and office chairs dropped while the price tag of raw elements improved. Even so, it turned a corner in 2022, earning a $3.4 million gain right after shedding about $5.5 million the earlier two decades.

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