HNI Corporation announced that it had sold its China Lamex office furniture business to Kokuyo Co. Ltd. The divestiture is part of HNI’s ongoing strategic realignment and focuses on its core businesses.
What is HNI Corporation?
HNI is a global leader in office furniture and hearth products. They sell China Lamex Office Furniture Business, a leading manufacturer and distributor of office furniture in China.
Lamex is a China-based company that manufactures and sells office furniture. The company was founded in 2003 and has become one of the country’s leading office furniture suppliers.
Lamex offers a wide range of products, including desks, chairs, tables, and storage units, all designed to meet the needs of both businesses and individual consumers. The company’s products are available through a network of retailers and distributors across China.
HNI, a global leader in office furniture and hearth products, announced it had sold its China Lamex business to Kokuyo Co. Ltd. for $75 million.
China Lamex is a leading manufacturer of laminate office furniture in China, with two production facilities located in Jiaxing and Wuxi.
The sale is part of HNI’s ongoing strategy to focus on its core businesses and exit non-core businesses. The proceeds from the sale will use to reduce debt.
Founded in 2002, China Lamex has more than 500 employees and offers a complete line of laminate office furniture, including desks, tables, filing cabinets, and storage units. China Lamex’s products are distributed through a network of dealers and distributors in China.
This move will allow HNI to focus on its core businesses and continue to grow its market share in the global office furniture market.
HNI, the world’s second-largest office furniture manufacturer, announced the sale of its China-based Lamex business to Kuka AG for $75 million. The move comes as HNI looks to focus on its core businesses and operations in the United States and Europe.
So what will HNI do with the $75 million from the sale of Lamex?
According to HNI CEO Stan A. Askren, the company plans to use the proceeds to pay down debt and for general corporate purposes. It will help to improve HNI’s financial flexibility in the future and allow the company to invest in areas that will drive long-term growth.
Given the current state of the global economy, the sale of Lamex is a wise move by HNI. By selling off a non-core asset and using the proceeds to pay down debt, HNI is positioning itself to weather any economic headwinds that may come its way in the future.
The sale of China Lamex Office Furniture Business will positively affect HNI. The company can focus on its core businesses and gain new customers.
China Lamex Office Furniture Business is a well-known market brand with a loyal customer base. This sale will also help HNI to expand its operations in China.
Conclusion
HNI Corporation has announced that it has sold its China Lamex office furniture business to an undisclosed buyer. This move signals HNI’s continued focus on streamlining its operations and divesting non-core assets.
The China Lamex business was a small part of HNI’s overall operations, and the company is confident that the sale will not negatively impact its financial performance.
