Herman Miller Announces $1.8 Billion USD Acquisition of Knoll
Esteemed design firm Herman Miller has just announced the $1.8 billion USD acquisition of its competitor Knoll.
The acquisition comes as an effort from the two companies to revitalize the workplace at a time where the ongoing Coronavirus pandemic has affected the overall office culture, shifting many to work from home. The deal is expected to close by the third quarter of 2021, depending on the conditions of the pandemic and its restrictions, and will draw together 19 different brands, a presence in more than 100 countries, 64 showrooms, and more than 50 physical retail locations across the globe.
“This transaction brings together two pioneering icons of design with strong businesses, attractive portfolios and long histories of innovation,” said Herman Miller CEO and president Andi Owen in a statement. “As distributed working models become the new normal for companies, businesses are reimagining the office to foster collaboration, culture and focused work, while supporting a growing remote employee base. At the same time, consumers are making significant investments in their homes. With a broad portfolio, global footprint and advanced digital capabilities, we will be poised to meet our customers everywhere they live and work. Together, we will offer a deep portfolio of brands, technology, talent and innovation, to create meaningful growth opportunities in all areas of the combined business.”
In other business-related news, Kobe Bryant and Nike’s partnership is reportedly over.
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