EAST GREENVILLE, Pa. – The turnaround path continues for Knoll, Inc. and fourth quarter 2017 showed an increase in sales and net earnings when compared to fourth quarter 2016. However, net sales for the full year declined by 2.6 percent from 2016, and net earnings and diluted earnings per share fell as well.
During the first quarter of 2018, the company completed the acquisition of Muuto A.P.S., the Copenhagen-based designer and provider of affordable luxury furniture, lighting and accessories for the workplace and home, for approximately $300 million in cash, less certain customary adjustments.
Concurrent with the Muuto acquisition, the Company amended its credit facility, which provides for a $750 million borrowing that matures in five years. The proceeds of the credit facility were used to fund the Muuto acquisition, refinance certain indebtedness and for ongoing working capital requirements.