Dubai PR Network, Online Press Release from Dubai and Middle East
 
Furniture & Fixtures(Home, Furniture and Interiors)
Filter PR by
  
Herman Miller Acquires Remaining Shares of naughtone
 
Herman Miller Acquires Remaining Shares of naughtone
• Further accelerates global growth of the naughtone brand
• Increases Herman Miller’s collaborative and ancillary product offerings
 
 
 
United Arab Emirates, - October 30, 2019:  Herman Miller, Inc. (NASDAQ: MLHR), the global designer and furniture manufacturer, announced today it has acquired the remaining shares of contemporary British furniture designer naughtone for approximately $46.1 million. Solidifying its ownership of naughtone directly aligns with Herman Miller’s strategic priority to accelerate profitable growth.
 
Herman Miller partnered with naughtone in 2016 by acquiring a 50 percent stake in the company to help enhance its global offering in ancillary and collaborative furnishings, an area in which Herman Miller saw significant growth potential. As a result of this partnership, naughtone has generated average annual sales growth of 35 percent over the past three years. This partnership has helped Herman Miller expand its product design and development capabilities, fueling 11 new product launches and leading to numerous design and innovation awards.
 
'naughtone has been a vital strategic partner in growing Herman Miller Group’s ancillary product offering,' said Andi Owen, Herman Miller President and CEO. 'I’m so proud of our shared values, as well the modern aesthetic and contemporary British design they bring to our family of brands.'
 
Based in Harrogate, North Yorkshire, naughtone was founded in 2005 and has grown rapidly in the collaborative furniture market under the leadership of Matt Welsh, Kieron Bakewell and Mark Hammond. Known for contemporary design and high-quality manufacturing, particularly in upholstery, naughtone’s innovative products such as the Always chair range, the Polly chair, and the Viv chair are used by clients around the world, including some of the biggest brands in commerce and culture.
 
'Our partnership with Herman Miller has helped us significantly grow our global market presence, especially in North America,' said naughtone Vice President of Sales Matt Welsh. 'This expanded relationship sets us up for continued success, and we look forward to working together in this new capacity to achieve great results.'
 
naughtone was recently recognized as one of the Telegraph’s Fastest Growing British Exports, and its products have been nominated for and received numerous design awards over the past several years, including the Queen's Award for Enterprise.
 
“Herman Miller has a remarkable legacy of design and innovation,' said Vice President of Creative Kieron Bakewell. 'Being part of Herman Miller Group is a huge honor for naughtone and gives us even greater ambition and confidence in our own product plans.”
 
Herman Miller expects to consolidate naughtone’s operating results following the closing date of this transaction. Net sales for naughtone’s most recent fiscal year that ended in May 2019 totaled approximately $37 million. Excluding potential one-time purchase accounting adjustments, this transaction is expected to have an incremental $0.01 to $0.03 accretive impact on earnings per share in the remaining seven months of fiscal 2020.


Posted by : Dubai PR Network Editorial Team
Viewed 9986 times
PR Category : Home, Furniture and Interiors
Posted on : Wednesday, October 30, 2019  4:33:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Create your own Wonderland with REDTAG!
Next Story : Tonino Lamborghini presents its luxury Home accessories at t...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Herbal Essences Taps into Nature's most Powerful Ingredients with the new Potent Aloe Vera... [6621-Views]
The Most Inclusive Range of Primers to Offer 24hr Correction for Any Skin Type, Any Skin T... [6560-Views]
Unique Spatial Sound Technologies for Ambient Room-filling Sound with Sony's Latest Premiu... [6015-Views]
World Gold Council ETF 2020 Report and Gold Outlook 2021 [5064-Views]
Hello 2021, HELLO, GOOD STUFF! with Essence [4818-Views]
Middle East Hotels Ready to Capitalise on Workation Trend, says ATM [4781-Views]
Ogilvy Names James Kinney as Global Chief Diversity, Equity & Inclusion Officer and Chief ... [4321-Views]
IRENA's World Energy Transition Day Kick-Starts Crucial Assembly Meeting [4284-Views]
Latest PGA Tour Winner Kevin Na Joins Strong American Contingent vying for 2021 Saudi Inte... [2870-Views]
‘Blue Zone' from COVID-19 Prime Assessment Centre to Relocate to Al Rowda Healthcare Cente... [2513-Views]
Kamal Vachani Announces Sri Lanka Food Festival at Al Maya Supermarket [2386-Views]
A New Wave of Coffee has Arrived at AlBarari [2378-Views]
Emirates Post Group expands operations to Israel [2304-Views]
Jordan - Pfizer-BioNTech COVID-19 Vaccine Distribution Statement from UPS [2292-Views]
Dubai Shopping Festival's Highest Value Raffle Ever In Partnership With Idealz and W Motor... [2276-Views]
Children Fly Free With Etihad Airways [2234-Views]
Danube Group Launches World's First Civil Defence Approved Alucopanel A1 Aluminium Composi... [2206-Views]
Sony Middle East & Africa Launches Newest Addition to G Master™ Full-Frame Lens Series wit... [2194-Views]
Wizz Air Abu Dhabi Commences Operations in Abu Dhabi [2132-Views]
Join the A-Beauty Revolution with Sukin's Buy 2 Get 2 Limited Time Offer [2062-Views]
Jaguar Land Rover Mena Offers Customers Warranty Extension Lasting Up to 10 Years [1964-Views]
Abu Dhabi Delivers Knockout Opportunity for UFC Fight Island Triple Header Spectators to A... [1956-Views]
Dubai Sports Council Launch Dubai's First All-Schools Sports Tournament Series [1894-Views]
Ericsson: Smart Home Privacy: How to avoid ‘Data Paparazzi' [1894-Views]
It's time to get your Valentine's Day Shoe Game in Order with Steve Madden [1853-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories