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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.

Haworth buys stake in Tuohy

Wednesday 14 October 2009

Haworth Inc. has acquired a stake in Tuohy Furniture Corp., a Minnesota-based maker of executive office furniture, conference tables, and seating and lounge furniture.

The deal, signed Monday and announced today, strengthens the product lineup and distribution networks of both companies.

“Haworth and Tuohy will realize significant benefits from this new partnership, and form a strong alliance in the marketplace. With little overlap in the two companies’ products, Tuohy’s executive casegoods, conference tables, seating and lounge furniture will strengthen Haworth\'s market position,” the Holland-based Haworth said in a news release.

Tuohy Furniture will operate autonomously under its current management team.

Both Haworth and Tuohy are privately owned. Terms of the deal, which comes as the office furniture industry works through a deep downturn, were not disclosed.

The minority acquisition “speaks volumes about our company’s strength, even in tough economic times,” Haworth President and CEO Franco Bianchi said. “This reflects our confidence in the future, the freedom that private ownership provides to make long-term decisions and the positioning of our strategic direction.

\"Like others in this industry, we have adjusted our business to economic conditions and continue to pursue our vision with the expectation of emerging from the recession in a stronger position.”

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