Herman Miller Appoints Three Visionary Leaders To Support Acceleration Of Global Growth And Innovation

Herman Miller, Inc. (Nasdaq: MLHR), a leading global designer and furniture manufacturer, announced today that President and CEO Andi Owen has bolstered her leadership team with three new executive hires. Megan Lyon as Chief Strategy Officer, Leander LeSure as Chief Human Resources Officer, and Jacqueline Rice as General Counsel will partner with Owen and her broader leadership team to identify and drive global growth opportunities for the Company and its family of brands.

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Herman Miller, Inc. (MLHR) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC increased its stake in Herman Miller, Inc. (NASDAQ:MLHR) by 414.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 267,765 shares of the business services provider’s stock after purchasing an additional 215,700 shares during the quarter. Renaissance Technologies LLC owned about 0.45% of Herman Miller worth $10,282,000 at the end of the most recent quarter.

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Perspectives From Herman Miller’s Management

Herman Miller’s (NASDAQ:MLHR) fiscal second-quarter 2019 earnings, reported on Dec. 19, revealed steadily improving financial performance. Year to date, sales growth of 7.8% has been supported by order growth of nearly 9%. During the office furniture and collaboration technology icon’s earnings conference call, executives discussed the components behind the stronger numbers and its outlook for at least 7% organic growth in the fiscal third quarter. Below, we’ll look at three comments that illuminate management’s current optimism.

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Zeke Capital Advisors LLC Invests $366,000 in Herman Miller Stock

Zeke Capital Advisors LLC purchased a new stake in Herman Miller, Inc. (NASDAQ:MLHR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 9,544 shares of the business services provider’s stock, valued at approximately $366,000.

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American International Group Inc. Grows Position in Herman Miller, Inc. (MLHR)

American International Group Inc. increased its stake in shares of Herman Miller, Inc. (NASDAQ:MLHR) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,332 shares of the business services provider’s stock after buying an additional 1,686 shares during the quarter. American International Group Inc. owned about 0.27% of Herman Miller worth $6,118,000 at the end of the most recent quarter.

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Herman Miller Elects Andi Owen as Next President and Chief Executive Officer

Herman Miller, Inc. (Nasdaq: MLHR), the global designer and furniture manufacturer, announced today that Andi Owen has been elected by the Board of Directors to succeed Brian C. Walker as the Company’s next President and Chief Executive Officer, effective August 22, 2018. Ms. Owen was also elected to the Company’s Board of Directors as of August 22. She joins Herman Miller after a 25-year career at Gap Inc., where she most recently served as Global President of Banana Republic, leading 11,000 employees in over 600 stores across 27 countries. The appointment is part of a previously-announced leadership succession planning process.

Michael A. Volkema, Chairman of the Board, stated, “We are deeply grateful to Brian for his leadership and many achievements during his long career with Herman Miller. The Company remains focused on the strategy Brian put in place, which has collectively grown the business, expanded our multi-channel capabilities, and accelerated the Company’s positive momentum.”

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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.

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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

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.

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Herman Miller Acquires an Interest in HAY

• Extends Herman Miller’s global reach and expands offering of furnishings and accessories
• HAY’s goods available in the coming year through Herman Miller’s Design Within Reach channels
• Expected to be accretive to earnings per share in fiscal 2019
ZEELAND, Michigan – Herman Miller, Inc. (NASDAQ: MLHR), the global designer and furniture manufacturer, announced today it acquired a %% percent equity interest in Nine United Denmark A/S (HAY) for +,, million. The transaction expands Herman Miller’s portfolio of leading global brands and allows the company to scale its consumer business, accessing a growing customer base that prioritizes both industry- leading design and value. Herman Miller also acquired the rights to the HAY brand in North America for approximately +4 million. The company has the option to increase its ownership stake in the future.
Founded in Copenhagen in 7887 by Troels Holch Povlsen and Rolf and Mette Hay, the company is a leader in ancillary furnishings in Europe and Asia, and active in both the contract and residential furnishing markets. Over the course of the coming year, HAY’s goods will be available through Herman Miller’s Design Within Reach channels. Herman Miller will launch an on-line store, as well as open four HAY retail locations in North America. HAY products will also be integrated into the offer to Herman Miller’s North American and International Dealers.
HAY’s proven success as a fast-growing global company, and its deep catalog of high-quality, well-designed furniture and accessories makes it a welcome and transformative addition to Herman Miller’s family of brands. HAY extends Herman Miller’s global reach and dramatically expands the company’s offering of furnishings and accessories for the home, contract, and hospitality markets.
“HAY is one of the best articulated design brands in the furnishings space,” said Herman Miller CEO Brian Walker. “HAY is a key building block toward our stated priority to scale our consumer business. The HAY assortment will significantly expand our offer to a younger, more urban demographic that we have targeted for expansion.”
Walker continued: “With more workplaces and commercial spaces adopting a residential feel, the opportunity to offer quality designs at an attainable price point is only expanding. Adding HAY’s considerable stable of products to our ancillary offer further cements Herman Miller’s ability to deliver excellent design to customers regardless of budget or what kind of space they’re outfitting.”
“Herman Miller is the perfect partner to expand HAY’s position in North America,” said Rolf Hay, co-founder of HAY. “On a personal level, Herman Miller and the work of Charles and Ray Eames are big reasons I do what I do today, and I am excited to align with a company that shares our sense of purpose and values.”
The entire existing management team led by CEO Henrik Steensgaard will continue driving the HAY brand, its product development, and its efforts in Europe and Asia from their headquarters in Denmark. CEO Henrik Steensgaard will report to a new HAY Board of Directors chaired by Troels Holch Povlsen.
“We’re pleased to join Troels Holch Povlsen and Rolf Hay as co-owners of the company,” said Jeremy Hocking, Executive Vice President of Strategy and Business Development, Herman Miller. “And we’re also delighted that Rolf and Mette Hay will maintain their current creative and leadership roles.”
Thanks to its already formidable global presence and strong adoption across the world, HAY is a clear leader in delivering design-forward goods for modern living and work. With its new home in the Herman Miller family of brands, consumers, distributors, and specifiers will soon see why HAY has been a runaway success across the globe.
The company expects to reflect its share of HAY’s operating results within equity earnings from non-consolidated affiliates going forward. Forecast revenue for HAY’s current fiscal year that ends in July 78CD is expected to total approximately +C44 million. On a GAAP basis, this transaction is expected to be between +8.87 and +8.8F accretive to earnings per share in fiscal 78CG. This amount includes estimated expenses of +8.87 per share from certain purchase accounting adjustments.

Additional information concerning the transaction is included in an investor presentation available on the Company’s investor relations website.

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Herman Miller Leads Group of Investors Acquiring Maars Living Walls, a Worldwide Leader in Interior

ZEELAND, Mich., June 6, 2018 /PRNewswire/ — Herman Miller, Inc. (NASDAQ: MLHR), the global designer and furniture manufacturer, announced today that it is leading a group of investors to acquire Maars Living Walls (“Maars”), a global designer and manufacturer of standard and customized modular walls. Under the terms of a preliminary agreement, Herman Miller will acquire 48% of Maars equity for $6 million with an option to acquire a controlling interest over time. Additional investors in the group include select US certified Herman Miller dealers, a European dealer, and members of the Maars management team led by the incumbent CEO.
Headquartered in Harderwijk, the Netherlands, Maars was founded in 1946 and has since expanded to over 45 countries. Maars creates innovative solutions for interior spaces, including offices, care and cure facilities, airports, hospitality, and universities. Customers have included Dow Jones, General Electric, Google, IBM, and Microsoft. Revenue for Maars in the most recently completed fiscal year totaled approximately $65 million.
“Maars products will be a key part of our offering that brings customers best-in-class solutions to help them create a variety of enclosed settings,” said Brian Walker, President and CEO of Herman Miller. “Now, more than ever, customers are looking for environments that are flexible, modular spaces, and Maars meets that demand with innovation and design at the center. Combined with other solutions we have or will be introducing in the near future, we will have a broad and leading portfolio in this important and growing solution segment. This is another key step in our efforts to increase our share of wallet as we build a stronger dealer eco-system.”
Menno de Vries, CEO of Maars Living Walls, added, “This acquisition strengthens our mission to improve people’s well-being and productivity by combining Maars Living Walls with the Living Office strategy of Herman Miller. Maars will have access to Herman Miller’s expansive and strong dealer network in North America and their global customer base. This combination significantly expands our global reach and opens up many new opportunities for the Maars brand, our people, and our growing network.”
This addition to Herman Miller’s family of brands will enable more dealers and customers to interact with the company’s growing product portfolio. An exciting range of leading-edge Maars products will enhance Herman Miller’s existing offering and add an important capability to the company’s network.
The modular wall market is growing quickly in North America and is already well-established in EMEA. Maars is now better positioned to capitalize on the North American opportunity, as it continues to build global leadership in this category.
“We are excited to join our co-owning dealer partners in this endeavor,” said Jeremy Hocking, Executive Vice President of Strategy and Business Development for Herman Miller. “We know that this solution set requires a highly committed and capable dealer network to lead specification and installation. We believe this unique investor group ensures we have the right folks to guide the implementation of the Maars strategy to expand their presence in the North American market and develop a leading global position. We are confident that the seasoned management team at Maars and our industry-leading distribution network will be a winning combination.”
Maars product lines include Lalinea, which was developed in collaboration with a leading international architectural firm with minimalist design as the starting principle. Additionally, LineaCube was recognized with the Best of NeoCon GOLD Award at NeoCon 2016 for creating an independent architectural space within an open office floor plan. The design features its own ventilation, acoustic insulation and absorption, and integrates power, data, audio, and lighting into the ceiling.
Herman Miller expects to reflect its share of Maars operating results within equity earnings from non-consolidated affiliates going forward. On a GAAP basis, this transaction is expected to be approximately $0.01 dilutive to earnings per share in fiscal 2019. On an adjusted basis, excluding the estimated impact of certain purchase accounting adjustments, the transaction is expected to be break-even to earnings per share in fiscal 2019.
Additional information concerning the transaction is included in an investor presentation available on the Company’s investor relations website.

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