Steelcase to be Acquired by HNI Inc. in $2.2 Billion Deal

GRAND RAPIDS, Mich. — Steelcase Inc., a leading office furniture manufacturer founded 113 years ago, will be sold to rival HNI Inc. in a $2.2 billion deal. The two companies announced a definitive agreement today that could finalize by the end of 2025, subject to regulatory and shareholder approvals.

Following the merger, HNI’s chairman, president, and CEO Jeffrey Lorenger will lead the newly combined company. The Muscatine, Iowa-based HNI (NYSE: HNI) plans to keep Steelcase as a brand and maintain its corporate headquarters in Grand Rapids.

“For more than 100 years, Steelcase has been an organization led by purpose, setting the standard for our industry,” said Steelcase President and CEO Sara Armbruster in a letter to employees. “This is a historic moment for Steelcase as we embark on the first step of a transformative combination that will unlock new possibilities for our customers, dealers, and employees alike.”

Under the agreement’s terms, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock. The implied purchase price of $18.30 per share is based on HNI’s closing share price of $50.62 as of August 1. Post-merger, HNI shareholders will hold about 64% of the company, while Steelcase shareholders will own about 36%.

The HNI board is set to expand from 10 to 12 directors, including two independent board members from Steelcase. Lorenger commented, “This acquisition brings together two respected companies with complementary strengths and represents an exciting milestone in HNI’s growth journey.”

Financial advisors include J.P. Morgan Securities LLC for HNI and Goldman Sachs & Co. LLC for Steelcase, while legal counsel is provided by Davis Polk & Wardwell LLP for HNI and Skadden, Arps, Slate, Meagher & Flom LLP for Steelcase.

Steelcase employs approximately 11,300 people and operates 790 locations worldwide, generating $3.16 billion in revenue in the most recent fiscal year ending in February. First-quarter sales for Steelcase’s 2026 fiscal year, which began March 1, increased by 7% to $779 million. HNI reported $2.5 billion in sales for 2024 and $667.1 million for the first half of 2025.

Armbruster noted that the merger would allow for broader customer reach and enhanced investments in digital transformation and customer-centric experiences. “Together, we will be a diversified and resilient industry leader, positioned to succeed across various market segments,” she stated.