Housing sales growth impacted cabinetry and furniture plant expansion with new hires at MasterBrand Cabinets and a new plant for Woodgrain Millwork. Business furniture giants HNI and OFS Brands also announced expansions.
Good news dominates wood industry reports, with insourcing by a Chinese furniture plant the most viewed story. A 250,000 sq.ft. plant buy, Home Depot's shutdown in China, table saw safety also topped the week's news.
HNI Corporation (NYSE: HNI) announced third quarter 2012 revenue and operating profit are expected to be below the Corporation's previous outlook due to softer than expected demand in its office furniture segment.
HNI Corporation, parent of HON office, Allsteel, Paoli, and Lamex products, reported net income of $7 million on sales of $480.4 million for the second quarter. Profit rose 51% and 11% respectively.
HNI Corporation announced sales for the second quarter ended June 30, 2012, of $480.4 million, an 11 percent increase from the prior year quarter, and net income of $7.0 million, a 51 percent increase from prior year quarter.
Chuck Saylor, founder and CEO of izzy+, a manufacturer of contract furnishings, assumed the role of president of the Business and Institutional Furniture Manufacturers Assn. at BIFMA's annual breakfast meeting held June 13 during NeoCon.
HNI Corporation announces it will webcast its May 8, 2012 Annual Shareholders' Meeting, which will be held at 10:30 a.m. (Central) at the Clarion Hotel in Muscatine, Iowa.
HNI Corp.’s sales grew 12 percent for first quarter ended March 31, 2012. The office furniture and hearth manufacturer recorded consolidated net sales of $445.2 million for the quarter, with $15.4 million attributed to the acquisition of Sagus.