MUSCATINE, Iowa – HNI Corporation has completed the sale of its China- and Hong Kong-based Lamex office furniture business, the Muscatine-based company announced Wednesday, July 20.
The business was acquired by Kokuyo Co., Ltd. for $75 million, subject to standard post-closing adjustments, HNI said in a news release. Kokuyo is a leading manufacturer and provider of office furniture in Japan and across Asia.
“Lamex has been a good business for HNI, and we believe Lamex will continue to be successful under Kokuyo’s ownership,” Jeff Lorenger, HNI chairman, president and CEO, said in a news release. “The sale of Lamex will further streamline our business portfolio and allow us to better focus on our core strategies. I would like to thank the members of Lamex for their many years of dedicated service and contributions to HNI.”
HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands.
The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.