MUSCATINE, IA – Furniture manufacturer HNI Corp. announced that it signed an agreement to purchase HBF, a subsidiary of Furniture Brands Intl Inc. Headquartered in Hickory, NC, HBF is a provider of upholstered seating, textiles, wood tables and wood case goods for the office. HBF has annual sales in excess of $60 million.

The acquisition is expected to close in two to four weeks. HNI intends to finance the $75 million purchase price with its existing credit facilities. HBF will continue to operate as a focused, stand-alone entity with a unique brand position and strategy.

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