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Herman Miller to acquire Maharam Fabric Corporation
25
Apr '13
Herman Miller, Inc. announced an agreement to acquire Maharam Fabric Corporation, a New York-based, global designer and provider of high quality interior textiles for commercial, healthcare, and residential interiors. The transaction is scheduled to close April 29, 2013. Maharam, with revenues of approximately $105 million in 2012, will be purchased for approximately $156 million in cash.

A fourth-generation family business founded in 1902 by Louis Maharam , the company has evolved and grown to be the leader in design-driven textiles for interiors in North America, with an expanding global presence through both its international joint ventures and a direct sales force. A high performance organization of approximately 250 people, collaborating with a global network of renowned independent product designers and textile producers, Maharam's rigorous and holistic commitment to design extends to every aspect of its business, and is complemented by best-in-class marketing and operational capabilities. The result is a strong record of revenue growth and operating profits in this high margin segment of the interiors marketplace.

Brian Walker , Herman Miller's Chief Executive Officer, said, "The combination of Herman Miller and Maharam is a natural and complementary union anchored in our shared values and built on years of business cooperation and personal friendship. Our respective and combined operational strengths and resources provide immediate, mutual strategic leverage."

Walker continued, "This is a relationship that works at every level. Together we represent more than 200 years of business success and the strongest design brands in our industries, with the opportunity and ambition to extend our joint reach into exciting new arenas. We believe this can benefit our customers, employees, business partners, and our shareholders."

In making the announcement, Herman Miller noted the acquisition is expected to be immediately accretive to earnings while enhancing its strategic development capabilities and product offer. The respective brands' outstanding reputations within the architectural and interior design community will also serve to reinforce and accelerate Herman Miller's Collection initiative and support further opportunities in consumer and commercial markets. For reporting purposes, Herman Miller will include Maharam's results within its Specialty and Consumer segment.

Ben Watson, Herman Miller's Executive Creative Director, noted, "The cultures of the combined organizations are highly compatible—we share an unwavering dedication to authored design, product innovation and operational excellence in service to our customers. We are also unified in our commitment to sharing our success with employees and in giving back to our communities through environmental sustainability and socially responsible business practices."

Watson added, "Herman Miller is also committed to retaining Maharam's operational independence, valuable brand and cultural identity. These are the elements that have created and sustain Maharam's unique, design-centric business."

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