Knoll to Acquire Richard Schultz Design

February 6, 2012  by in UnCategorized   

By Home Furnishings Business in Acquisition on February 7, 2012 Office planning specialist Knoll (NYSE: KNL) has agreed to acquire outdoor furniture designer and supplier Richard Schultz Design.

"The acquisition of Richard Schultz reflects our ongoing interest in remixing our business with high design, high margin specialty offerings which appeal to both commercial buyers and consumers worldwide," said Andrew B. Cogan, Knoll CEO. "Richard Schultz began his career as a designer with Knoll and co-founded his company with his son Peter in 1992. Together, they have built an international reputation for exploring new materials and forms for outdoor furniture. We look forward to the continuous success of the Richard Schultz brand."

The company sells the 1966 Schultz Leisure Line and 1960 Petal Table Collection, originally designed for Knoll, as well as contemporary outdoor furniture designs. Its designs are included in the collections of The Museum of Modern Art, the Victoria and Albert Museum and the Philadelphia Museum of Art.

"Our award winning designs in the modern tradition are a perfect complement to the Knoll portfolio," Peter Schultz said. "We look forward to our products joining the KnollStudio collection of residential and workplace furniture."

Richard Schultz Design maintains a marketing and design studio in Palm, Pa.

The acquisition is expected to close on or about March 1.