ZEELAND — Herman Miller Inc. plans to buy competitor Knoll Inc. in a $1.8 billion cash-and-stock deal that will create a new office furniture industry sales leader.
Combining the two office furniture industry icons will create “the preeminent leader in modern design, catalyzing the transformation of the home and office sectors at a time of unprecedented disruption,” according to an announcement this morning on the deal. The deal is expected to close in the third quarter, pending shareholder and regulatory approvals.
Zeeland-based Herman Miller nd East Greenville, Pa.-based Knoll together have 19 brands, a presence across more than 100 countries, a global dealer network with 64 showrooms globally, more than 50 physical retail locations, and global multi-channel e-commerce networks. The two companies combined will have $3.6 billion in revenue and $552 million in adjusted pro-forma earnings before interest, taxes, depreciation, and amortization.