WeWork China unit value jumps to $5bn after fresh fundraising

Japan’s SoftBank, its Saudi-backed Vision Fund and the Singapore sovereign wealth fund Temasek are ploughing money into a WeWork subsidiary in China, lifting its value fivefold to $5bn.

The $500m investment round also drew the backing of private equity firms Trustbridge Partners and Hony Capital, according to people with knowledge of the deal.

A year ago a similar $500m funding round, led by SoftBank and Hony Capital valued the China subsidiary at $1bn.

The shared office space provider has become a giant in the global property market, buying or leasing landmark buildings including the Lord & Taylor department store on Manhattan’s Fifth Avenue and One Poultry in the City of London. It is also seeking to lease the century-old Flatiron Building in New York.



Furniture manufacturer Steelcase to set foot in Dhaka

Dhaka, July 26 (UNB) – Steelcase, the global leader in office furniture and innovative workspace solutions, is set to open its first dealer showroom in Bangladesh on August 9 next.

Developed in partnership with Work Space Technology, the new showroom in the capital city of Dhaka will further strengthen the presence of Steelcase in the Asia-Pacific region, said a press release on Thursday.

After the launch of the Sri Lanka dealership early in the year, this is the 2nd country that will have Steelcase’s presence in South Asia.

The upcoming showroom will open doors to local and international businesses in Bangladesh, and provide them with comprehensive workplace research, latest trends and a thorough knowledge quotient from all around the globe, the press release added.

Read more: (United News of Bangladesh UNB)


HNI Q2 sales improve

HNI, parent company of HON office furniture brand, reported improved sales and better than expected results for Q2 2018.

After issuing a profit warning last year due to disappointing sales, the company has seen a stronger performance this quarter as investments made in product, selling, and fulfilment capabilities begin to pay dividends.

Office furniture sales increased 7.8% on an organic basis to $423.9 million, driven by increases in the supplies-driven North American contract and international business. However, this was partially offset by the impact of closing and divesting small office furniture companies, which decreased sales by $13.2 million compared to the same period last year. Meanwhile, adjusted operating profit fell by 18% to $20.9 million.

Read more: (OPI)


HNI Corp. reports 2Q earnings

HNI Corp., based in Muscatine, announced sales rose to $543.6 million and net income was $18.6 million for the second quarter.

The quarter, which ended June 30, also saw generally accepted accounting principles, or GAAP, net income per diluted share of 42 cents compared to 31 cents in the prior year, according to HNI‘s earning release Tuesday.

“Our strong sales momentum continued during the second quarter,” President and CEO Jeff Lorenger said. “Results were better than expected in both our Hearth and Office Furniture businesses. The investments we’ve made in product, selling and fulfillment capabilities are paying dividends. I’m pleased with our quarterly results and our progress driving long-term shareholder value.”



Royal Ahrend reinforces position and ambition in Asia

Royal Ahrend, the leading Dutch designer and manufacturer of sustainable and healthy working environments, is reinforcing its position in China by opening a Flagship Showroom in the Shanghai city centre.

Royal Ahrend, the leading Dutch designer and manufacturer of sustainable and healthy working environments, is reinforcing its position in China by opening a Flagship Showroom in the Shanghai city centre. Through its annual growth of 25%, China makes a vital contribution to the international growth of Royal Ahrend as a whole. Starting next year, the company’s network of dealers in Asia will undergo phased expansion to India, Hong Kong, Singapore and the Philippines. In its Ahrend and Gispen brands, Royal Ahrend possesses two lines of ‘Dutch Design’ office furnishing with proven international appeal.

Read more: (AHREND UK)


Longtime Steelcase Exec F.H. Merlotti dies

GRAND RAPIDS, Mich. (WOOD) — A man who served as a longtime leader for one of the largest West Michigan-based companies died Wednesday at the age of 91.

Frank H. Merlotti Sr. served as Steelcase’s President and CEO from 1988 to 1990 after serving in other company leadership roles since 1964, the company’s website says. He died Wednesday, company officials confirmed.

Steelcase is the world’s largest office furniture company. It was founded in 1912 and began manufacturing metal furniture in Grand Rapids at a time when the city was most known for its production of wood furniture.

Read more: (WOODTV.com)


CEO Kallup has left the Dauphin Group

Dr. Bernhard Kallup, Chairman of the Management Board of the holding company Dauphin Office Interiors since October 2016, has left the company and transferred the management tasks to a four-person management team. As a statement released today by the company indicates, Dr. Ing. Jochen Ihring assumed the function of spokesman for the management. Ihring has been Managing Director of the Dauphin HumanDesign Group since 2006 and, since 2014, also Managing Director of the Holding. In the future, he will be responsible for all innovation processes, marketing and product management as well as the USA and South Africa markets. In addition, Ihring has taken over the management of Dauphin Entwicklungs- und Beteiligungsgesellschaft and is responsible for strategic purchasing there.



As income soars, Herman Miller could move manufacturing out of the US

ZEELAND, Mich. – Office furniture giant Herman Miller‘s fourth-quarter earnings and revenue are soaring – topping analysts’ expectations, it said in an earnings call last week.

Net income was $32.2 million for the quarter and sales were $618 million, higher than the $577 million it reached the same time a year ago. Reported earnings were 66 cents per share, which was stronger than the 58 cents per share that analysts had predicted. Analysts had also expected $601 million in sales – $17 million lower than what was reached.

However, company CFO Jeff Stutz said the trade war between the U.S. and the company’s trading partners may lead to it relocating some of its manufacturing plants.

Read full article here: (WOODWORKING NETWORK)


Herman Miller Reports Fourth Quarter Fiscal 2018 Results

ZEELAND, Mich.June 2, 2018 /PRNewswire/

NOTE: A data supplement with additional financial information relating to the periods covered by this press release is available for download from the Company’s website at http://www.hermanmiller.com/about-us/investors.html.

Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its fourth quarter ended June 2, 2018.  Net sales in the quarter totaled $618.0 million, an increase of 7.1% from the same quarter last fiscal year. New orders in the fourth quarter of $620.8 million were 9.3% above the prior year level.

Herman Miller reported net earnings of $0.53 per share on a diluted basis in the fourth quarter compared to diluted earnings per share of $0.55 in the same quarter last fiscal year. Excluding the impact of restructuring expenses and other special charges recognized in the period, adjusted earnings per share in the fourth quarter totaled $0.66 compared to adjusted earnings per share of $0.64 in the fourth quarter of last fiscal year.

Read full article here: (MARKETSINSIDER)