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Herman Miller to cut dividend and consolidate manufacturing operations

Thursday 14 May 2009

Herman Miller, Inc.today announced further steps in its comprehensive and ongoing plan to reduce fixed costs and strengthen its balance sheet. The actions include a reduction in the company\'s quarterly cash dividend to 2.2 cents ($0.022) per share from the 8.8 cents ($0.088) that the company declared and paid in each of the past 9 quarters. The company said the new dividend rate will enable it to retain approximately $14 million annually. The company also commented that it has paid a dividend for more than 120 consecutive quarters.

Also announced was a plan to consolidate manufacturing operations with the closure of its Integrated Metal Technologies (IMT) subsidiary in Spring Lake, Michigan. Under the plan, Herman Miller will retain existing production capacity and will enhance operational efficiency, with the majority of work and equipment moving to other newer, larger facilities in the area. Relocation is targeted to begin in August 2009, with the work completed and final closure targeted for spring 2010. The anticipated one-time cost for this action is $9 million to $12 million, with anticipated operational savings thereafter of $5 million to $7 million annually.

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