Herman Miller Agrees to Acquire Majority Interest in HAY A/S
Tuesday, 8 October, 2019
Highlights
- Further accelerates global growth of the HAY brand
- Increases Herman Miller’s ancillary product offering
- Expands Herman Miller’s retail and contract furnishing footprint
Herman Miller, Inc. (NASDAQ: MLHR), the global designer and furniture manufacturer, announced today it signed an agreement to acquire an additional 34% equity interest in HAY A/S (“HAY”) for approximately $78 million. This transaction follows a similar transaction in 2018 in which Herman Miller acquired a 33% equity interest in HAY. Upon closing the current transaction, Herman Miller will own a majority 67% interest in HAY; Rolf and Mette Hay, Co-founders and Creative Directors of HAY, own the remaining 33% of the equity in HAY.
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