HNI Corporation Completes Acquisition of Kimball International
June 01 2023 - 8:41AM
Business Wire
HNI Corporation (NYSE: HNI) announced today the
completion of its acquisition of Kimball International, Inc.
(NASDAQ: KBAL), a leading commercial furnishings company with
expertise in workplace, health, and hospitality.
“The completion of the Kimball International acquisition
represents a new chapter as we bring together two strong,
successful companies with similar cultures and well-established
families of brands,” said Jeff Lorenger, HNI Corporation’s
Chairman, President, and Chief Executive Officer. “The combined
companies will have an unmatched comprehensive product offering
positioned to benefit from post-pandemic trends. I’m privileged to
lead this talented team and look forward to the significant
benefits we will deliver to our shareholders, members, dealers, and
customers.”
The combination creates a market leader with proforma revenue of
approximately $3 billion and combined EBITDA of approximately $305
million, when including $25 million of synergies expected to be
fully recognized within three years of closing.
Kimball International shareholders are receiving $9.00 in cash
and 0.1301 shares of HNI Corporation common stock for each share of
Kimball International stock they owned immediately prior to the
closing of the transaction.
HNI Corporation’s headquarters will remain in Muscatine, Iowa.
Kimball International will continue to be based in Jasper,
Indiana.
About HNI Corporation
HNI Corporation (NYSE: HNI) has been improving where people
live, work, and gather for more than 75 years. HNI is a
manufacturer of workplace furnishings and residential building
products, operating under two segments. The Workplace Furnishings
segment is a leading global designer and provider of commercial
furnishings, going to market under multiple unique brands. The
Residential Building Products segment is the nation's leading
manufacturer and marketer of hearth products, which include a full
array of gas, electric, wood, and pellet-burning fireplaces,
inserts, stoves, facings, and accessories. More information can be
found on the Corporation's website at www.hnicorp.com.
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