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Investor Relations14 Oct 2025
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HNI (HNI) investor relations material
HNI M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary4 Aug, 2025
Deal rationale and strategic fit
Combination creates a diversified industry leader with complementary brands, dealer networks, and expanded customer segments, including SMB, corporate, healthcare, education, and hospitality.
Accelerates digital transformation and enhances customer-centric buying experience.
Unites innovation and operational excellence to accelerate advanced solutions and shareholder value.
Expands coverage across US metropolitan areas and enhances distribution network.
Shared values and commitment to employees, customers, and dealers underpin integration.
Financial terms and conditions
Total consideration to Steelcase shareholders is $2.2 billion in cash and stock, with $7.20 in cash and 0.2192 HNI shares per Steelcase share, implying $18.30 per share.
Implied valuation multiple is 5.8x TTM Adjusted EBITDA, including $120M in run-rate cost synergies.
HNI shareholders will own 64% and Steelcase shareholders 36% of the combined company.
$1.1B in committed debt financing provided by J.P. Morgan and Wells Fargo.
Combined annual net sales projected at $5.8B and pro forma EBITDA of $745M, with a 13% margin and 2.1x net leverage.
Synergies and expected cost savings
$120M in annual run-rate cost synergies expected, mainly from procurement, logistics, and efficiency improvements.
70% of synergies from cost of goods sold, 30% from freight, delivery, and SG&A.
Accretion to non-GAAP EPS expected to be $0.50–$0.60 in 2027, before purchase accounting.
Steelcase's ongoing cost initiatives are incremental to the $120M synergy target.
No revenue synergies included in projections; any realized would be upside.
How will HNI maintain Steelcase's brand?
Detail the expected timeline for net leverage.
What are the key risks to deal completion?
Elaborate on Steelcase's international challenges.
Detail the cost synergy breakdown.
Explain the rationale for Steelcase selling now.
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Next HNI earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
HNI Corporation provides contract furnishing products and services, residential fireplace and hearth products, and steel-related commercial roofing systems. The company offers furniture and textile products, including seating, casegoods, freestanding office systems, filing and storage units, wood desk surfaces, tables and panels, ergonomic work tools and accessories, productivity solutions, flooring products, lighting solutions, window coverings and fabrics for use in office environments; and architectural walls solutions for the office segment that include moveable walls. The company was incorporated in 1944 and is headquartered in Muscatine, Iowa.
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