HOLLAND, MI – Haworth Inc. announced Jan. 19 the sale of its Italian operations to mutares AG, a management firm based in Munich, Germany. The acquisition includes the Castelli brand.
Financial terms of the agreement were not released. According to Haworth, a global manufacturer of contract furniture and workplace products, upon completion of the sale, mutares will change the furniture company's name to Castelli. Castelli will continue as the exclusive distributor of Haworth products in Italy. In turn, Haworth will distribute Castelli products in North America and Europe, excluding Italy.
According to mutares, in 2011 Castelli generated sales of approximately $36.2 million (EUR 28 million) and employed about 250 people at its site in San Giovanni/ Bologna, Italy. The family-owned Haworth had net sales of $1.21 billion in 2010 and more than 7,500 employees.
“The acquisition of Haworth operations in Italy by mutares will increase our organizational agility while maintaining our strong global presence” Haworth President & CEO Franco Bianchi said in a statement. “Under this new arrangement, Castelli will have the opportunity to spread its wings and fully capitalize on a brand that has been around since 1877 while continuing to leverage Haworth’s global products and distribution.”
Headquartered in Holland, MI, Haworth manufactures office furniture, workplace systems, storage and wood casegoods for sales in more than 120 countries. In summer 2011, Haworth entered the healthcare furniture market with the purchase of Legacy Furniture Group. Also last summer, the company entered into a partnership with retailer Crate & Barrel.
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