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Herman Miller to acquire Hong Kong-based Posh office furniture company

Friday 11 March 2011

Herman Miller is expanding its presence in China with the acquisition of Posh Office Systems, the Michigan-based office furniture company announced today.

The Hong Kong-based company designs, manufactures and distributes office furniture systems, freestanding furniture, seating, and filing and storage.
Herman Miller won\'t release the purchase price until the deal is completed later this year.
The privately-owned Posh, with annual revenues of about $50 million in 2010, is a market leader in office furnishings in both Hong Kong and China.
It has five major showroom locations including the newly opened and largest commercial furniture showroom in Hong Kong. The company distributes its products through a franchise network in China and more than 30 distributors throughout Asia.
Posh employs about 1,200 people, many at its design, engineering and manufacturing operations based in Dongguan, China.
Additionally, Herman Miller has a China headquarters and design centre in Shanghai and two plants in Ningbo that produce seating and other office furniture.
Finalizing the Posh acquisition will require Herman Miller to set up a legal structure in China that won\'t be completed until early in the first quarter of fiscal 2012.
The final purchase price is expected to include an upfront cash payment due at completion and a performance-based payment at the conclusion of an earn-out period, the company said.
The two companies have worked together for years and formed an alliance in fall of 2008.
Both companies are said to share similar qualities: a deep environmental conscience and a commitment to high quality, good design.
“In these past few years working together we have confirmed our like-minded passion for innovative, high quality interior solutions,” Eric Yim, Posh\'s Chief Executive Officer, said in a statement released by Herman Miller. “Equally important we found that our company cultures were well matched, with a shared commitment to good corporate citizenship through design, environmental stewardship, and high standards in the quality and care for our employees and communities. This has been the foundation for our success and we see even greater opportunity ahead.”
Brian Walker, Herman Miller’s CEO, noted that Posh provides the company with immediate access to the burgeoning Chinese market.
“As the demand for high quality seating and furniture continues to grow in the region we anticipate a significant increase in the sales of Herman Miller products through the Posh dealer network,” Walker said in the statement. “With an expanded product offer through Posh, we can also look beyond China to other markets and customers we’re not presently serving. Together we have a very bright future.”

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