From Home Furnishing Business
Herman Miller to Acquire Knoll
Office furniture company Herman Miller Inc. has announced it is acquiring rival Knoll Inc. for $1.8 billion, moving to take advantage of workplace renovations and restructurings as the pandemic eases.
The companies said the combination would help them feed into the transformation of home and office as work continues to be split between the two.
“As distributed working models become the new normal for companies, businesses are reimagining the office to foster collaboration, culture and focused work, while supporting a growing remote employee base,” said Andi Owen, CEO, Herman Miller. “At the same time, consumers are making significant investments in their homes.”
Knoll Chairman and CEO Andrew Cogan will step down when the transaction closes, and Owen will be president and CEO of the combined company.
The companies said they see the merger generating $100 million of run-rate cost savings within two years of closing, which they expect by the end of the third quarter.