GRAND RAPIDS, MI – Steelcase Inc. announced the pending acquisition of a leading office furniture manufacturer in China. The company has entered into a definitive agreement with Ultra Group Holdings Ltd. to purchase all of the stock of Ultra Group Co. Ltd. Ultra manufactures and sells a range of seating, desks, systems and storage products for the Chinese and broader Asian market. Steelcase has agreed to purchase the shares for a cash purchase price of $13.28 million, which is subject to certain post-closing purchase price adjustments. The acquisition will add more than 1,000 people to Steelcase’s operations in China. Read more.
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