Herman Miller & Knoll, Modern Design Giants, Ink $1.8B Deal Amid Home Office Era
Image via Karen Culp / Shutterstock.com and JHVEPhoto / Shutterstock.com
Two powerhouses that helped spark the contemporary design revolution in the 20th century, Herman Miller and Knoll, have made yet another historic decision: they will now join as one. In a joint press release on Monday, the firms announced a US$1.8 billion stock and cash deal that sees Herman Miller acquiring Knoll.
“This highly complementary combination will create the preeminent leader in modern design, catalyzing the transformation of the home and office sectors at a time of unprecedented disruption,” the pair noted. Together, Herman Miller and Knoll will helm 19 design brands available in over 100 countries worldwide.
One unmistakable product to have emerged under the Herman Miller brand was the Eames Chair by Charles and Ray Eames, a defining feature of 20th-century furniture design. Knoll is reputed for spearheading modern furniture design in offices.
Knoll CEO Andrew Cogan described the deal as “a testament to the achievements of the entire Knoll team in bringing a contemporary perspective to how we work and live.”
Given that offices have now moved into homes as a result of the pandemic, it’d be interesting to see what else the two Bauhaus aces will come up with.
Estimates place a pro forma annual revenue of US$3.6 billion.
[via Forbes, MarketWatch and GlobeNewswire, cover image via Karen Culp / Shutterstock.com and JHVEPhoto / Shutterstock.com]
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