ZEELAND, MI – Herman Miller announced a definitive agreement to acquire Brandrud Furniture Inc., a Seattle-based manufacturer of healthcare furnishings. The transition is expected to be completed in February 2008, pending the conclusion of due diligence. The terms of the acquisition were not disclosed. Read more.
In other Herman Miller news, the company reported results for its second quarter, ended Dec. 1. The company reported increased sales, orders and gross margins, as well as decreased operating expenses. Net earnings were $41.0 million, an increase of 12% over the same period last year. The company’s board of directors approved the issuance of $200 million in senior unsecured private placement notes and a plan to implement a $200 million accelerated share repurchase program, which will begin in January. Read more.
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