ZEELAND, MI -- Office furniture manufacturer Herman Miller Inc. is looking to expand its global reach through the purchase of Hong Kong-based POSH Office Systems.
The acquisition includes five showrooms and a furniture manufacturing plant in Dongguan, China. POSH has annual sales of approximately $50 million and employs about 1,200 people.
Herman Miller announced on Friday that it has reached an agreement to acquire POSH subject to Herman Miller's pending establishment of a legal structure in China. Herman Miller said it expects the process will be completed early in the first quarter of fiscal 2012.
Herman Miller has had a working relationship with POSH since summer 2008. The Chinese company markets and distributes Herman Miller products along with its own. POSH is a designer, manufacturer, and distributor of office furniture systems, freestanding furniture, seating, and filing and storage.
In addition to its five showrooms, POSH distributes through a franchise network in China and more than 30 international distributors worldwide.
Eric Yim, POSH president and CEO, said, "In these past few years working together we have confirmed our like-minded passion for innovative, high quality interior solutions. Equally important we found that our company cultures were well matched, with a shared commitment to good corporate citizenship through design, environmental stewardship, and high standards in the quality and care for our employees and communities."
Brian Walker, Herman Miller's president and CEO, said, "China is an enormous growth opportunity and through POSH we gain immediate access to the Chinese market. As the demand for high quality seating and furniture continues to grow in the region we anticipate a significant increase in the sales of Herman Miller products through the POSH dealer network."
Herman Miller had revenues of more than $1.3 billion in 2010. The company is represented in more than 40 countries through dealers, alliance companies and partnerships. Divisions include Geiger, Nemschoff, Branrud and Convia.
Read more about Herman Miller's pending acquisition of POSH Office Systems.
Also read: Herman Miller forms alliance with POSH Office Systems posted 8-20-08.
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