HNI Corporation Announces Sale of Lamex Office Furniture Business

Rhea-AI Summary

HNI Corporation (NYSE: HNI) has successfully completed the sale of its Lamex office furniture business in China and Hong Kong to Kokuyo Co., Ltd. for 75 million US dollars. The transaction is subject to standard post-closing adjustments. HNI's CEO, Jeff Lorenger, stated that the sale will streamline their business portfolio, allowing a sharper focus on core strategies. Kokuyo is recognized as a prominent office furniture manufacturer in Japan and Asia. This move signifies HNI's commitment to enhancing operational efficiency.

Positive

• Sale of Lamex office furniture business for 75 million dollars enhances cash flow.
• Focus on core strategies may lead to improved operational efficiency.

Negative

• None.

MUSCATINE, Iowa--(BUSINESS WIRE)-- HNI Corporation (NYSE: HNI) today announced it has completed the sale of its China– and Hong Kong–based Lamex office furniture business. The business was acquired by Kokuyo Co., Ltd. for 75 million US dollars, subject to standard post-closing adjustments. Kokuyo is a leading manufacturer and provider of office furniture in Japan and across Asia.

Commenting on the sale, Jeff Lorenger, HNI Chairman, President and CEO said, “Lamex has been a good business for HNI, and we believe Lamex will continue to be successful under Kokuyo’s ownership. The sale of Lamex will further streamline our business portfolio and allow us to better focus on our core strategies. I would like to thank the members of Lamex for their many years of dedicated service and contributions to HNI.”

About HNI Corporation

HNI Corporation (NYSE: HNI) is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation's website at www.hnicorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220719006113/en/

Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400

Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

Source: HNI Corporation

FAQ

What did HNI Corporation announce in its latest press release?

HNI Corporation announced the sale of its Lamex office furniture business to Kokuyo Co., Ltd. for 75 million US dollars.

Who acquired HNI's Lamex office furniture business?

Kokuyo Co., Ltd. acquired HNI's Lamex office furniture business.

How much did HNI Corporation receive from the sale of its Lamex business?

HNI Corporation received 75 million US dollars from the sale of its Lamex business.

What are the implications of the Lamex sale for HNI Corporation's strategy?

The sale will help streamline HNI's business portfolio and allow a better focus on its core strategies.

When was the sale of the Lamex office furniture business completed?

The sale of the Lamex office furniture business was completed as announced in the press release.