In a transformative move set to reshape the commercial furniture industry, HNI Corporation has announced a definitive agreement to acquire Steelcase Inc. This landmark transaction, valued at approximately $2.2 billion in a combination of cash and stock, brings together two of the sector’s most respected leaders.
The strategic merger is poised to create an industry powerhouse with projected annual net sales of $5.8 billion. The combination of HNI’s broad portfolio and Steelcase’s strong brand presence will significantly expand the company’s offerings, particularly in the growing markets of healthcare, education, and hospitality. This powerful alignment is designed to meet the evolving needs of the modern workplace and accelerate innovation.
Under the terms of the agreement, the combined company will be led by Jeffrey Lorenger, the current Chair, President, and CEO of HNI. In a move that honors the heritage of both organizations, HNI will maintain its corporate headquarters in Muscatine, Iowa, while Steelcase will continue its significant presence and operations in Grand Rapids, Michigan.
Crucially, the highly-regarded Steelcase brand, known for its insight-led design and quality, will be preserved within the HNI portfolio. To ensure a smooth and collaborative integration, HNI’s board of directors will be expanded to include two members from Steelcase’s current board.
This merger marks a new era for both organizations. By uniting HNI’s operational excellence with Steelcase’s deep research and innovation, the combined entity is positioned to lead the industry, redefine the future of work, and create compelling value for customers, dealers, and shareholders. The transaction is expected to close by the end of 2025.
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