US EditionSteelcase to be acquired in $2.2B deal
KENT COUNTY, MICHIGAN, AUG 4 – The merger will create a $5.8 billion company with $120 million in annual cost synergies, maintaining dual headquarters to leverage complementary strengths in office furniture markets.
- On August 4, 2024, HNI Corporation announced it will acquire Steelcase Inc. in a $2.2 billion cash-and-stock deal based in Grand Rapids, Michigan.
- The acquisition follows accelerating in-office work trends and aims to combine complementary strengths in a market with tariff and trade uncertainties.
- The deal will keep Steelcase's headquarters in Grand Rapids and HNI's in Muscatine, Iowa, with an expanded HNI board including Steelcase members.
- Steelcase shareholders will receive $7.20 in cash along with 0.2192 shares of HNI stock for each share owned, resulting in an estimated valuation close to $18.30 per share—reflecting a premium of almost 80%.
- Under the leadership of HNI CEO Jeffrey Lorenger, the merged company is projected to achieve approximately $5.8 billion in combined annual sales and realize $120 million in cost savings by the end of 2025.
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Steelcase bought by Iowa company for $2.2 billion
GRAND RAPIDS, MI (WKZO AM/FM) – Steelcase headquarters will remain in Grand Rapids along with its production facilities after they announced yesterday they are being bought by Iowa-based HNI Incorporated for $2.2 billion. HNI has not indicated if any jobs will be cut in west Michigan as part of the deal. The Right Place Incorporated president and CEO Randy Thelen says the economic development group was caught by surprise by the sale and says the…
Steelcase to be sold to Iowa company in $2.2 billion deal
GRAND RAPIDS, Mich. (WOOD) — One of Grand Rapids’ cornerstone companies is being sold. Steelcase announced Monday that the furniture company will be sold to HNI Inc. in a $2.2 billion deal. In a statement, HNI Chairman Jeffrey Lorenger called the move an acquisition that “brings together two respected companies with complementary strengths." Sign up for breaking news alert emails “We have long admired Steelcase for its insight-led approach…
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