McCONNELLSVILLE, NY — Harden Furniture said Wednesday it will maintain its independent ownership, ending speculation that the residential and contract furniture manufacturer would be sold to an Asian investment firm.

According to the Rome Sentinel, Harden has obtained $3 million in financing from a New York bank along with a prior grant from Empire State Development. The money will be used to upgrade and expand its 450,000-square-foot facility in McConnellsville, NY. Planned in the upgrade is: additional CNC machinery,  new equipment for the upholstery and finishing operations, and upgrades to also increase capacity in the sawmill area. Headed by CEO Greg Harden, 171-year-old family-owned company has approximately 250 employees.

According to news sources, Harden received an acquisition offer by Taiwan-based Alexandre International, a manufacturer of commercial and residential furnishings. “At that time Harden considered the availability of capital, expanded access to retail markets in the Far East, and operational synergies to be attractive opportunities. After a thorough review, and considering the improved domestic economic outlook, the company recently terminated those negotiations,” Harden said a statement.

Greg Harden noted that the recession and weak recovery made it difficult for the company to initially secure the needed financing to grow its business. Now, he said, “We are convinced that if we can remain family owned there will be greater opportunities for the Harden brand and our team in McConnellsville.”

Vertically integrated, the privately held Harden Furniture was founded in 1844 and is the oldest family-owned furnishings manufacturer in North America.