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Herman Miller (NASDAQ: MLHR) announced that all Aeron Chairs will now incorporate ocean-bound plastic, including a new Onyx Ultra Matte color, containing up to 2.5 pounds of mismanaged plastic waste per chair. This initiative aims to prevent over 150 tons of plastic from entering the oceans yearly, equivalent to about 15 million single-use plastic bottles. The company is committed to increasing recycled content in its products to at least 50% by 2030 as part of its sustainability efforts, collaborating with NextWave Plastics.
MillerKnoll, formed from the acquisition of Knoll by Herman Miller, officially launched on July 19, 2021. The new entity retains the distinct brands of both companies while enhancing operational capabilities.
CEO Andi Owen emphasizes a shared vision for innovation and design leadership in modern furnishings. The merger aims to drive growth and profitability through a unified portfolio and global operational model, enhancing service to clients in both Contract and Retail channels.
The proposal for a corporate name change to MillerKnoll will be presented to shareholders, while the stock continues trading under the symbol MLHR.
Herman Miller (NASDAQ: MLHR) has successfully completed its acquisition of Knoll (NYSE: KNL), solidifying its position as a leader in modern design. This merger brings together 19 brands, enhances global presence, and expands eCommerce capabilities. Each Knoll share is converted into 0.32 shares of Herman Miller stock and $11.00 in cash, resulting in Herman Miller shareholders owning 78% of the combined entity. CEO Andi Owen emphasizes swift realization of merger benefits, with operational continuity under established brand identities.
Herman Miller (NASDAQ: MLHR) and Knoll (NYSE: KNL) announced that their shareholders approved the acquisition proposal during a special meeting on July 13, 2021. Upon closing, Knoll shareholders will receive $11.00 in cash plus 0.32 shares of Herman Miller for each share of Knoll. The acquisition is expected to finalize on July 19, 2021, subject to the satisfaction of closing conditions. This merger aims to enhance market presence and operational synergies, further solidifying Herman Miller's position in the design industry.
Herman Miller reported strong financial results for Q4 FY2021, with net sales of $621.5 million, a 30.6% increase year-over-year. The Retail segment achieved a remarkable operating margin of 19.2%, driven by sales growth of 106.1%. The company announced the pending acquisition of Knoll for $1.8 billion, expected to enhance market position. However, full-year net sales decreased by 0.9%, reflecting challenges in the Contract segment. Diluted EPS improved to $0.12 from a loss of $2.95 in the prior year. The company maintains a strong liquidity position with $661.6 million in cash and credit availability.
Geiger, a Herman Miller Group company (NASDAQ: MLHR), has launched the Mantle Collection, a new seating series designed in partnership with BassamFellows. This collection, aimed at enhancing office environments, includes various lounge options such as chairs, sofas, and ottomans, blending contemporary aesthetics with comfort. Key features include modular designs, detachable pillow cushions, and refined leather piping. The Mantle Collection is now available for purchase in multiple colors on geigerfurniture.com.
Herman Miller (NASDAQ: MLHR) appointed Mike R. Smith to its Board of Directors and Audit Committee, effective June 21, 2021. Smith, currently CFO of McCormick & Company, brings over 30 years of financial management experience, focusing on strategic planning and risk management. Chairman Mike Volkema emphasized Smith's expertise as vital for the company's growth. President and CEO Andi Owen noted that Smith's financial acumen will enhance their growth strategy and shareholder value. Smith shares the company's values and looks forward to future growth opportunities.
Herman Miller, Inc. (NASDAQ: MLHR) will host its fourth quarter fiscal 2021 conference call on June 29, 2021, at 9:30 a.m. ET. The call will provide insights into the company's financial performance, with an earnings news release scheduled for June 28, 2021, after market close. Investors can access the live call and archived materials via Herman Miller's investor webpage. This call is significant as it will address key financial metrics and the company's future outlook, essential for stakeholders and market analysts.
Herman Miller has launched a newly renovated retail website, enhancing customer experience with insights from over 110 hours of research. The site features improved navigation, AI-driven product recommendations, and a 'Shop the Room' option, aiming to facilitate online shopping. Customers can engage with Performance Seating Specialists via video chat for personalized assistance. This redesign follows a successful revamp of Design Within Reach's website, indicating a focus on digital transformation across its brands. The company plans ongoing updates throughout the year to continuously meet evolving customer needs.
Herman Miller (MLHR) has announced its acquisition of Knoll (KNL) in a cash and stock deal valued at $1.8 billion. Knoll shareholders will receive $11.00 in cash and 0.32 shares of Herman Miller stock per share of Knoll. The transaction, expected to close by Q3 2021, offers a 45% premium to Knoll's share price before the announcement. The combined entity will boast annual revenue of approximately $3.6 billion and projected cost synergies of $100 million. Herman Miller will lead the integration, with a focus on enhancing product offerings, digital capabilities, and sustainability efforts.
