Key Developments For Herman Miller, Inc.
Herman Miller, Inc. (MLHR.O) (Nasdaq)
Herman Miller, Inc. Announces Acquisition of Nemschoff, Inc.
Herman Miller, Inc. announced that it has acquired Nemschoff, Inc. (Nemschoff). The transaction closed June 24, 2009. Nemschoff, with revenues of more than $90 million in 2008, has been purchased through a combination of $32 million in cash and the issuance of 2,041,666 Herman Miller shares. In addition, Nemschoff shareholders may be entitled to an additional payment based on the performance of the entity, as well as Herman Miller's share price, over the next two-year period. More details of the purchase agreement will be found in Herman Miller's associated 8K filing. Nemschoff is a manufacturer of design and is recognized as a market leader in healthcare furnishings, with specific strength in soft seating and the patient care environment.
Herman Miller, Inc. Files Common Stock Shelf-DJ
Dow Jones reported that, Herman Miller, Inc. registered with the Securities and Exchange Commission to sell from time to time an indeterminate amount of common stock. The Company said it intends to use the net proceeds for general corporate purposes.
Herman Miller, Inc. Announces Chief Financial Officer Appointment-Form 8K
Herman Miller, Inc. announced in its Form 8K that, effective immediately, Gregory J. Bylsma will assume the role of Chief Financial Officer.
Herman Miller, Inc. Reduces 1,000 Jobs-Reuters
Reuters reported that Herman Miller, Inc. reduced 1,000 jobs as part of its previously announced cost-cutting program.
Herman Miller, Inc. Cutting 400 To 650 Jobs-DJ
Dow Jones reported that Herman Miller, Inc. is eliminating 400 to 650 jobs because of slower ordering and reduced demand, The Chicago Tribune reported on its Web site. The cuts will be made through buyout offers and layoffs. About 250 jobs will be eliminated in the white-collar ranks. The other cuts will depend on order conditions and the number of production workers who accept buyouts.
