Despite stronger sales, Flexsteel is impeded by foam, container shortage

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Wednesday, 28 Apr, 2021

Furniture giant Flexsteel, number 28 on the FDMC 300, reported strong sales increases for the quarter ending March 31, 2021.

Net sales increased nearly 20 percent to $118.4 million compared to $98.8 million over the same period last year. Organic net sales, excluding its discontinued vehicle seating and hospitality lines, increased 32.9 percent. Gross margin increased to 19.5 percent over last year’s 14.0 percent. Record backlog growth of 131 percent was also seen.

Read full article here: (Woodworking Network)

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HNI Corp. donates and helps plant 500 new trees around Muscatine for Arbor Day

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Wednesday, 28 Apr, 2021

MUSCATINE — Muscatine is going big to celebrate National Arbor Day Friday.

With the help of HNI Corporation and Muscatine Branching Out, the Muscatine Parks and Recreation Department will host tree plantings Thursday and Friday.

Read full article here: (Muscatine Journal)

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KI furniture to shut down Mississippi plant, lay off employees

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Monday, 26 Apr, 2021

TUPELO, Miss. – Contract furniture manufacturer KI, number 19 on the FDMC 300, will shut down its manufacturing plant in Tupelo, Mississippi – laying off 18 employees.

In a notice to employees, the company said the reason for the closure is the plant’s lack of overall production volume. The facility will close in September or October.

Production is set to be moved from Tupelo to the company’s manufacturing locations in Wisconsin in an effort to consolidate. This will allow for improved customer experience and overall freight savings, the company said.

Read full article here: (Woodworking Network)

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Hni Corp (HNI) President & CEO Jeffrey D Lorenger Sold $2.1 million of Shares

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Saturday, 24 April, 2021

President & CEO of Hni Corp (30-Year Financial, Insider Trades) Jeffrey D Lorenger (insider trades) sold 51,929 shares of HNI on 04/21/2021 at an average price of $41.14 a share. The total sale was $2.1 million.

Read full article here: (Yahoo Finance)

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Flexsteel opens new Innovation Center to focus on furniture design, collaboration

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Friday, 23 April, 2021

A space in the Millwork District’s Schmid Innovation Center now houses a place for designers to collaborate on furniture designs.

Designers with Flexsteel Industries began working last week in the company’s new Innovation Center, 900 Jackson St., less than a mile from the company’s headquarters in the Port of Dubuque. The design team uses the space to test out furniture and design prototypes that meet current customer trends.

Read full article here: (Telegraph Herald)

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La-Z-Boy inks long-term renewable energy deal with AEP Energy Partners

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Thursday, 22 April, 2021

  • La-Z-Boy (LZB -0.5%) finalized a 10-year resource-backed virtual power purchase agreement extending through the end of 2030, with AEP Energy Partners, energy subsidiary of American Electric Power.
  • The company’s VPPA will support ~70K MWh of renewable energy annually, from AEP’s principally owned Santa Rita East wind energy center in Irion County, Texas, throughout the agreement term.
  • La-Z-Boy will receive renewable energy certificates equivalent to ~16 MW of wind power capacity representing more than 90% of its current total annual domestic energy consumption.
Read full article here: (Seeking Alpha)

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Herman Miller Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Merger of Herman Miller, Inc. Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – MLHR

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Monday, 19 April, 2021

Halper Sadeh LLP, a global investor rights law firm, is investigating whether the merger of Herman Miller, Inc. (NASDAQ: MLHR) and Knoll, Inc. is fair to Herman Miller shareholders. Under the terms of the merger, Knoll shareholders are expected to receive a combination of cash and Herman Miller stock. Upon completion of the transaction, Herman Miller shareholders will own approximately 78% of the combined company.

Read full article here: (Yahoo Finance)

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Jim Keane, President and CEO of Steelcase Inc., Announces Retirement

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Monday, 19 April, 2021

Sara Armbruster to Become President and Chief Executive Officer, Effective October 4, 2021

GRAND RAPIDS, Michigan; April 19, 2021 – Steelcase Inc. (NYSE: SCS) President and CEO Jim Keane, announces he will be retiring on January 7, 2022, after 25 years with the company, including more than seven years as CEO. Keane will remain President and CEO until October 4, 2021, at which time he will become vice chair and will serve in that role until his retirement from the company.

Read full article here: (STEELCASE)

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Herman Miller and Knoll to Combine, Creating the Preeminent Leader in Modern Design, Catalyzing the Transformation of the Home and Office

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Monday, 19 April, 2021

Herman Miller, Inc. (NASDAQ: MLHR) and Knoll Inc. (NYSE: KNL) today announced that they have entered into a definitive agreement under which Herman Miller will acquire Knoll in a cash and stock transaction valued at $1.8 billion. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close by the end of the third quarter of calendar year 2021, subject to the satisfaction of closing conditions.

Read full article here: (GLOBE NEWSWIRE)

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Steelcase leader Jim Keane to retire; Sara Armbruster named company’s 10th CEO

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Monday, 19 April, 2021

GRAND RAPIDS — Global furniture maker Steelcase Inc. announced today its timeline for a transition at the company’s top executive role.

Jim Keane, who has served the Grand Rapids-based company as president and CEO for the last seven years and has been with the company for a total of 25 years, will retire on Jan. 7, 2022.

Read full article here: (MiBiz)

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