GRAND RAPIDS, Mich. - Steelcase Inc. has announced plans to acquire AMQ Solutions, a Southern California-based provider of height adjustable office furniture.
Announced Nov. 28, the definitive agreement includes the purchase all outstanding membership interests of AMQ along with "certain assets of an affiliated company" in an all cash transaction. The transaction is expected to be completed during Steelcase's fourth quarter of fiscal 2018, subject to customary closing conditions and regulatory approvals.
Steelcase said the acquisition will provide the contract furniture giant with a broader range of price points in the global market.
Founded in 2009 and based in Santa Clara, California, AMQ posted revenues of approximately $37 million over the past 12 months. The company specializes in height adjustable desking, benching and seating for workstations in open plan, collaborative environments and training rooms, which it says can be shipped in five days.
"There is great value to be created in joining our two companies," said Allan Smith, vice president, global marketing of Steelcase. "AMQ is eager to grow by leveraging our industry-leading dealer network and global reach, and we expect to drive further growth by offering additional product choices and leveraging AMQ's supply chain capabilities for Steelcase."
Once finalized, authorized Steelcase dealers will also be able to offer the AMQ product line.
"As the workplace continues to evolve to support new ways of working, we have been increasing the breadth of our product offering through product development, partnerships and, in this case, acquisition," said Jim Keane, president and CEO of Steelcase. "The AMQ product portfolio provides a great platform for scalable growth as we combine the strength of the Steelcase network with the AMQ business model."
Founded in 1912, Steelcase's (NYSE: SCS) portfolio of architecture, furniture and technology products includes the Steelcase, Coalesse, Designtex, PolyVision and Turnstone brands. The company posted fiscal 2017 revenues of $3.0 billion.
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