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Knoll to Acquire Outdoor Furniture Manufacturer Richard Schultz Design
EAST GREENVILLE, Pa., February 7 - Knoll, Inc. (NYSE: KNL) today announced that it has agreed to acquire Richard Schultz Design, Inc., the designer and manufacturer of outdoor furniture for the residential, hospitality and contract office furniture markets.
Andrew B. Cogan, Knoll CEO, said, "The acquisition of Richard Schultz reflects our ongoing interest in remixing our business with high design, high margin specialty offerings which appeal to both commercial buyers and consumers worldwide."
"Richard Schultz began his career as a designer with Knoll and co-founded his company with his son Peter in 1992. Together, they have built an international reputation for exploring new materials and forms for outdoor furniture. We look forward to the continuous success of the Richard Schultz brand," he added.
The Company, which maintains a flagship showroom in New York's D&D Building, sells the iconic 1966 Schultz Leisure Line and 1960 Petal Table Collection, originally designed for Knoll, as well as contemporary outdoor furniture designs. Its designs are included in the collections of The Museum of Modern Art, the Victoria and Albert Museum and the Philadelphia Museum of Art.
Peter Schultz said, "Our award winning designs in the modern tradition are a perfect complement to the Knoll portfolio. We look forward to our products joining the KnollStudio Collection of residential and workplace furniture."
Richard Schultz Design maintains a marketing and design studio in Palm, PA.
The acquisition is expected to close on or about March 1.
Knoll is the recipient of the 2011 National Design Award for Corporate and Institutional Achievement from the Smithsonian's Copper-Hewitt, National Design Museum. Since 1938, Knoll has been recognized internationally for creating workplace and residential furnishings that inspire, evolve and endure. Today, our commitment to modern design, our understanding of the workplace and our dedication to sustainable design has yielded a unique portfolio of products that respond and adapt to changing needs. Knoll is aligned with the U.S. Green Building Council and the Canadian Green Building Council and can help companies achieve Leadership in Energy and Environmental Design LEED workplace certification. Knoll is the founding sponsor of the World Monuments Fund Modernism at Risk program.
Barry L. McCabe
Executive Vice President and Chief Financial Officer
David E. Bright
Senior Vice President, Communications
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Knoll, Inc. via Thomson Reuters ONE