ZEELAND, Mich., April 24, 2013 /PRNewswire/ -- Herman Miller, Inc. (NASDAQ: MLHR), today announced an agreement to acquire Maharam Fabric Corporation ("Maharam"), a New York-based, global designer and provider of high quality interior textiles for commercial, healthcare, and residential interiors. The transaction is scheduled to close April 29, 2013. Maharam, with revenues of approximately $105 million in 2012, will be purchased for approximately $156 million in cash.
A fourth-generation family business founded in 1902 by Louis Maharam, the company has evolved and grown to be the leader in design-driven textiles for interiors in North America, with an expanding global presence through both its international joint ventures and a direct sales force. A high performance organization of approximately 250 people, collaborating with a global network of renowned independent product designers and textile producers, Maharam's rigorous and holistic commitment to design extends to every aspect of its business, and is complemented by best-in-class marketing and operational capabilities. The result is a strong record of revenue growth and operating profits in this high margin segment of the interiors marketplace.
Brian Walker, Herman Miller's Chief Executive Officer, said, "The combination of Herman Miller and Maharam is a natural and complementary union anchored in our shared values and built on years of business cooperation and personal friendship. Our respective and combined operational strengths and resources provide immediate, mutual strategic leverage."
Walker continued, "This is a relationship that works at every level. Together we represent more than 200 years of business success and the strongest design brands in our industries, with the opportunity and ambition to extend our joint reach into exciting new arenas. We believe this can benefit our customers, employees, business partners, and our shareholders."