Welcome to JSA Consultancy Services

A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

HNI to close Virginia plant

Thursday 4 October 2007

Muscatine-based furniture maker HNI Corp. will close a plant in Richmond, Va., next year and move the work to factories in Muscatine and Cedartown, Ga., the company said this morning.

The closing will eliminate 370 jobs and involve $9 million in capital costs to implement, but will eventually produce savings of $10 million a year starting in 2009, the company said.

HNI expects to take a pre-tax charge of $15 million to $17 million between 2007 and 2009 to cover the cost of the layoffs and restructuring.

“Rising freight costs and the opportunity to provide our customers with a better, more cost-effective fulfillment process necessitated this realignment,” the company said in a statement announcing the closing.

HNI has manufacturing operations at 15 cities in the United States including Muscatine and Mount Pleasant in Iowa.

The plant that is closing makes Hon brand office furniture. HNI also makes office furniture under the brands Allsteel, Maxon, Gunlocke, Omni, and Paoli. The company makes hearth products under the Hearth and Home brand.

At the end of 2006, HNI had 14,200 employees.

HNI made the announcement just before the New York Stock Exchange opened Friday. Shares of the company initially shot up as much as $1. By mid-morning shares were trading around $36.80, which was 55 cents above Thursday’s close.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.



moreLatest News

Wednesday 10 January 2018 Announcing PANTONE 18-3838 Ultra Violet, PANTONE® Color of the Year 2018.

“A dramatically provocative and thoughtful purple shade, PANTONE 18-3838 Ultra Violet communicates

Tuesday 9 January 2018 Knoll Designs Armless MultiGeneration Light Task ChairKnoll Inc. alleges patented chair design was u

PHILADELPHIA – A furniture company with a place of business in Greenville alleges one of its paten

Sunday 7 January 2018 Herman Miller reports Second Quarter Fiscal 2018 Results – orders at all-time-high

Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its second quarter ended December 2,

Wednesday 3 January 2018 Swindon Furniture Company Hit by Brexit Rescued

A furniture company whose sales went into decline after the vote on Brexit has been sold out of admi

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England

+44 (0) 20 7688 1928