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Time of India
4 days ago
- Business
- Time of India
Building products maker HNI to acquire Steelcase for $2.2 billion
BENGALURU: HNI agreed to buy office furniture maker Steelcase in a cash-and-stock deal worth about $2.2 billion, it said on Monday, as it looks to capitalize on more companies asking employees to return to office. Shares of Steelcase rose 65%, while HNI's fell 7%. Steelcase shareholders will get $7.20 in cash and 0.2192 shares of HNI common stock for each share they own, under terms of the agreement. This values Steelcase at about $18.30 per share, representing a premium of nearly 80% to Friday's close, according to Reuters calculations. The Muscatine, Iowa-based HNI makes workplace furnishings and residential building products. Its acquisition of Steelcase comes at a time when "in-office work trends accelerate," CEO Jeffrey Lorenger said. After the pandemic-era work-from-home policies, more companies have been asking their employees to return to their offices to work, buoying demand for in-office accessories and infrastructure. Steelcase has dealers and retailers in 790 locations across the Americas, EMEA and Asia Pacific. While rising corporate customer demand in its Americas segment sustains sales, demand in its international business has slowed over the last few quarters due to macroeconomic challenges especially from France and Germany markets. In 2024, the Grand Rapids, Michigan-based Steelcase recorded annual revenue of $3.2 billion and net income of $81.1 million. It stands to benefit from the merger's expected annual run-rate synergies of $120 million. The two firms' complementary geographic footprints and dealer networks will allow the combined company to serve small- and medium-sized businesses, larger corporates, healthcare and education end markets, HNI said. HNI expects pro forma annual revenue of the combined business at about $5.8 billion. Upon the deal's closing, expected by the end of 2025, HNI shareholders will own about 64% of the combined company and Steelcase shareholders will own the rest. J.P. Morgan Securities is serving as exclusive financial adviser to HNI. Goldman Sachs & Co and BofA Securities are serving as financial advisers to Steelcase.
Economic Times
5 days ago
- Business
- Economic Times
Steelcase is selling the business to its arch rival HNI in $2.2 billion acquisition deal. Here's why
TIL Creatives Steelcase and HNI, two of the largest workplace furniture companies announced they're merging Building products maker HNI has agreed to buy peer Steelcase in a cash and stock transaction worth about $2.2 billion, the company said on Monday. Steelcase's shares were up almost 40%, and HNI's were down 20% on low volumes in premarket trading, reported Reuters. HNI Corporation and Steelcase Inc. on Monday, August 4, announced that they have entered into a definitive agreement for HNI to acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2 billion to Steelcase common shareholders. The Muscatine, Iowa-based HNI makes workplace furnishings and residential building products. Its acquisition of Steelcase comes at a time when "in-office work trends accelerate," HNI's CEO Jeffrey Lorenger said. ALSO READ: Social security to get huge August update for millions of Americans? SSA provides key update Steelcase and HNI, two of the largest workplace furniture companies announced they're merging. Steelcase Inc, founded in 1912 in Grand Rapids, announced it is selling the business to one of its competitors, HNI Corporation. Steelcase Inc. is a global leader in office furniture, interior architecture and space solutions for offices, hospitals and classrooms. With the acquisition, HNI expects to expand its offerings in the industries of health care, education and hospitality, and for the combined company to generate $5.8 billion in annual net sales after the pandemic-era work-from-home policies, more companies have been asking their employees to return to their offices to work, buoying demand for in-office accessories and infrastructure. ALSO READ: Tropical storm Dexter forms in the Atlantic, National Hurricane Center gives major update on landfall in US HNI stated that the geographic reach and dealer networks of both companies are highly complementary, enabling the combined entity to better serve a broad range of clients — from small and mid-sized businesses to large corporations, as well as key sectors such as healthcare and merged company is expected to generate approximately $5.8 billion in pro forma annual revenue, with projected annual run-rate synergies of $120 million. Steelcase, headquartered in Grand Rapids, Michigan, operates through a network of dealers and retailers across 790 locations spanning the Americas, EMEA, and Asia Pacific. In 2024, the company reported $3.2 billion in annual revenue and $81.1 million in net income. ALSO READ: Emergency air quality alert in New York as Canadian wildfire crisis escalates. Here's how you can track and what you should doFollowing the anticipated close of the transaction by the end of 2025, HNI shareholders will own roughly 64% of the combined organization, while Steelcase shareholders will hold the remaining 36%. J.P. Morgan Securities is acting as exclusive financial adviser to HNI. Steelcase is being advised by Goldman Sachs & Co. and BofA Securities. (With inputs from Reuters)
Mint
5 days ago
- Business
- Mint
HNI Corp to buy office furniture maker Steelcase for $2.2 billion; bets on return-to-office move of companies
HNI has agreed to buy office furniture maker Steelcase in a deal worth about $2.2 billion, it said on Monday, as it looks to capitalize on more companies asking employees to return to office. HNI's shares fell 25% and Steelcase's rose 45% in premarket trading. Steelcase's shareholders will get $7.20 in cash and 0.2192 shares of HNI common stock for each share they own. This values Steelcase at about $18.30 per share, representing a premium of nearly 80% to Friday's close, according to Reuters calculations. The Muscatine, Iowa-based HNI makes workplace furnishings and residential building products. Its acquisition of Steelcase comes at a time when "in-office work trends accelerate," HNI's CEO Jeffrey Lorenger said. After the pandemic-era work-from-home policies, more companies have been asking their employees to return to their offices to work, buoying demand for in-office accessories and infrastructure. The two firms' geographic footprints and dealer networks are complementary, which will allow the combined company to serve small- and medium-sized businesses and larger corporates, and the healthcare and education end markets, HNI said. HNI expects pro forma annual revenue of the combined business at about $5.8 billion and annual run-rate synergies of $120 million. The Grand Rapids, Michigan-based Steelcase has dealers and retailers in 790 locations across the Americas, EMEA and Asia Pacific. In 2024, it recorded annual revenue of $3.2 billion and net income of $81.1 million. Upon the transaction's closing, expected by the end of 2025, HNI shareholders will own about 64% of the combined company and Steelcase shareholders will own the rest. J.P. Morgan Securities is serving as exclusive financial adviser to HNI. Goldman Sachs & Co and BofA Securities are serving as financial advisers to Steelcase. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Sahal Muhammed)
Yahoo
25-07-2025
- Business
- Yahoo
Heartland Express: Q2 Earnings Snapshot
NORTH LIBERTY, Iowa (AP) — NORTH LIBERTY, Iowa (AP) — Heartland Express Inc. (HTLD) on Thursday reported a loss of $10.9 million in its second quarter. The North Liberty, Iowa-based company said it had a loss of 14 cents per share. The trucking and logistics company posted revenue of $210.4 million in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on HTLD at Sign in to access your portfolio
Boston Globe
23-07-2025
- Business
- Boston Globe
$1.5 billion acquisition of Herb Chambers auto group is complete
Advertisement AGRICULTURE Farm and fisherman bankruptcies hit five-year high amid low prices and high costs After years of low crop prices and rising costs, America's small farmers are facing a crisis brought on by higher interest rates, Trump's trade war, and dramatically reduced demand from China. In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low-prices. Farm debt is expected to hit $561.8 billion in this year, a record high, according to the US Department of Agriculture. 'We've had three years of tough sledding here where breakevens are at or below cost,' said Brett Bruggeman, the chief operating officer at Land O'Lakes Inc., one of the biggest farmer-owned cooperatives in the United States. Soybean, corn, and pork producers have been among the hardest hit farmers in recent years as China began buying more from competitors in Brazil and other parts of Latin America. Before President Trump's first term in office in 2017, US farmers dominated the Chinese import market, said Joseph A. Peiffer, with the Iowa-based law firm Ag & Business Legal Strategies. Today Brazil occupies that position, he said. 'Once you lose a customer it's awful hard to get them back,' he said. Firms that specialize in restructuring farm debt have seen an increase in business, lawyers said. Land O'Lakes said its members are seeing dwindling cash reserves and growing concerns about the 2026 crop year. More new growers have been applying to a Land O'Lakes program that helps finance crop inputs like seeds and nutrients. — BLOOMBERG NEWS Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up SODA Advertisement Coca-Cola could turn to cane sugar. But can US growers meet demand? After four decades drinking Coca-Cola sweetened with corn syrup, Americans are going to get the chance to buy the soda made from domestic cane sugar. But whether US farmers can meet that demand is unclear. Coca-Cola Co. said Tuesday it will launch the new Coke variety this fall, a week after President Trump said the company had agreed to start using the sweetener. The move is hardly an outlandish idea. In fact, Coke sold in other countries like Mexico is sweetened with cane sugar. And the company relied on cane sugar before switching to high fructose corn syrup around 1980. While the company will still be using corn syrup for original Coke, the addition of a domestic cane-based soda could help growers in Louisiana and Florida at a time when demand has been slow. However, a sustained bump in demand — especially if other companies follow Coca-Cola's lead — risks outstripping homegrown availability. US cane only makes up about 30 percent of overall domestic sugar supplies, according to the US Department of Agriculture. The rest comes from imports, which were about 2.2 million metric tons for the 2025-26 season, and American-grown sugar beets that perform better in colder climates. A sugar supply shortfall would likely mean more cane imports from Mexico and Brazil, exposing American companies and consumers to higher prices just as they are facing market upheaval from Trump's tariffs. Cane sugar is more expensive than high-fructose corn syrup. On top of that, long-standing import tariffs mean US raw cane sugar futures are already more than double what the rest of the world pays. That price gap widened to a record on Tuesday. — BLOOMBERG NEWS Advertisement HOUSING MARKET US home sales slow again as prices keep pushing record highs Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs. Contract closings decreased 2.7 percent in June to an annualized rate of 3.93 million, a report from the National Association of Realtors showed Wednesday. Economists surveyed by Bloomberg expected a 4 million sales rate. The median sales price increased 2 percent in June from a year ago to $435,300. Home prices continue to rise even after a recent pickup in inventory. 'Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,' Lawrence Yun, NAR chief economist, said in a statement. 'High mortgage rates are causing home sales to remain stuck at cyclical lows.' Yun said on a call with reporters that it's typical to see high home prices this time of year because families want to move before the school year begins. The nation's home-resale market is likely to limp along for the foreseeable future as would-be buyers contend with mortgage rates hovering near 7 percent and prices that are up almost 50 percent from five years ago. While home listings have increased this year, many owners are hesitant to give up mortgages secured at much lower rates. — BLOOMBERG NEWS Advertisement RIDE-HAILING Uber to test program to match female riders and drivers Uber Technologies Inc. is piloting a new ride type in the United States that will match female riders and drivers, expanding access to a safety feature it already offers in some international markets. The service will launch in Los Angeles, San Francisco, and Detroit over the next few weeks, the company said in a statement Wednesday. Riders will see a new on-demand ride option called 'Women Drivers' alongside the existing UberX, Comfort, UberXL, and Black offerings. Customers can reserve such a trip in advance, or set their preference in the app settings to increase the likelihood of being matched with a woman driver. Female drivers, who make up about 1 in 5 of Uber's US driver population, can similarly choose that preference in the settings of their driver app. Drivers' eligibility for the program will be based on the gender listed on their license. For riders, it will be determined by their first name or whether they specified their gender as female on their Uber profile. 'It's about giving women more choice, more control, and more comfort when they ride and drive,' said Camiel Irving, vice president of operations in the US and Canada. Cities that have a bigger population of women drivers will be the ones that get the feature sooner, she said, but added that the three options are designed to allow different ways of matching without compromising wait times and service availability. The company also sees the option as a way to attract more female drivers to the platform. — BLOOMBERG NEWS Advertisement
