Modern furniture giant Herman Miller Inc. is entering into a deal that will create a powerhouse in design-driven furniture at a time when consumers are focused on their homes and home offices.
Herman Miller, a company that is known for its high-performance “task” chairs and whose brands include Design Within Reach, has agreed to acquire rival Knoll Inc. for $1.8 billion. Under the terms of the deal, Knoll shareholders will receive $11 in cash and 0.32 share of Hermann Miller for each Knoll share owned. Upon the completion of the deal, current Herman Miller shareholders will own about 78% of the combined entity, while Knoll shareholders will hold about 22%.
“This highly complementary combination will create the pre-eminent leader in modern design, catalyzing the transformation of the home and office sectors at a time of unprecedented disruption,” the companies said in a joint statement.Chain Storeage