By Lisa Kerner
Charlotte, N.C., March 17 - HNI Corp. agreed to purchase HBF, a subsidiary of Furniture Brands International, Inc., for $75 million in a deal set to close within two to four weeks.
According to a company news release, HNI plans to finance the deal with its existing credit facilities.
HBF's current management team led by president Charlie Bell will continue to operate the company as a stand-alone entity, the release said.
"We look forward to working with the entire HBF team and leveraging HNI's lean enterprise and overall office furniture expertise to achieve greater efficiencies, customer performance, and profitable growth," HNI chairman, president and chief executive officer Stan Askren said in the release.
HNI is an office furniture manufacturer located in Muscatine, Iowa.
Furniture Brands is a home furnishings retailer based in Hickory, N.C.
| Acquirer: | HNI Corp.
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| Target: | HBF, a subsidiary of Furniture Brands International, Inc.
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| Announcement date: | March 17
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| Transaction total: | $75 million
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| Expected closing: | Within two to four weeks
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| Stock price of target: | NYSE: FBN: $11.44 on March 14
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