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HNI Corporation completes acquisition of Kimball International, creating a market leader with $3 billion in revenue and $305 million in combined EBITDA. The deal includes $25 million in expected synergies within three years. Kimball International shareholders receive $9.00 in cash and 0.1301 shares of HNI Corporation common stock for each share owned.
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HNI Corporation completes acquisition of Kimball International, creating a market leader with $3 billion in revenue and $305 million in combined EBITDA. The deal includes $25 million in expected synergies within three years.
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MUSCATINE, Iowa--(BUSINESS WIRE)--
HNI Corporation (NYSE: HNI) announced today the completion of its acquisition of Kimball International, Inc. (NASDAQ: KBAL), a leading commercial furnishings company with expertise in workplace, health, and hospitality.
“The completion of the Kimball International acquisition represents a new chapter as we bring together two strong, successful companies with similar cultures and well-established families of brands,” said Jeff Lorenger, HNI Corporation’s Chairman, President, and Chief Executive Officer. “The combined companies will have an unmatched comprehensive product offering positioned to benefit from post-pandemic trends. I’m privileged to lead this talented team and look forward to the significant benefits we will deliver to our shareholders, members, dealers, and customers.”
The combination creates a market leader with proforma revenue of approximately $3 billion and combined EBITDA of approximately $305 million, when including $25 million of synergies expected to be fully recognized within three years of closing.
Kimball International shareholders are receiving $9.00 in cash and 0.1301 shares of HNI Corporation common stock for each share of Kimball International stock they owned immediately prior to the closing of the transaction.
HNI Corporation’s headquarters will remain in Muscatine, Iowa. Kimball International will continue to be based in Jasper, Indiana.
About HNI Corporation
HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation's website at www.hnicorp.com.
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898
Source: HNI Corporation
FAQ
What is the revenue of the combined companies?
The combined companies will have approximately $3 billion in revenue.
What is the expected combined EBITDA?
The combined EBITDA is approximately $305 million, including $25 million in expected synergies within three years.
What do Kimball International shareholders receive in the acquisition?
Kimball International shareholders receive $9.00 in cash and 0.1301 shares of HNI Corporation common stock for each share owned.
kimball international, inc. is a leading manufacturer of design driven, technology savvy, high quality furnishings sold under the company's family of brands, national office furniture, kimball office and kimball hospitality. our diverse portfolio provides solutions for the workplace, learning, healing and hospitality environments. customers can access our products globally through a variety of distribution channels. recognized with a reputation for excellence and a recipient of the forbes 2014 america's most trustworthy companies designation, kimball international is committed to a high performance culture that is committed to sound ethics, continuous improvement and social responsibility. to learn more about kimball international, inc. (nasdaq: kbal) visit www.kimball.com..