by AF 1019a3 — October 21, 2009—Tuohy Furniture and Haworth have announced that Haworth has acquired part ownership of the Minnesota-based manufacturer of executive casegoods, conference tables, seating and lounge furniture. With little overlap in the two companies’ products, Tuohy will strengthen Haworth’s market position, the companies say.
Tuohy will continue to be managed by its current management team, led by Dan and Michael Tuohy, and maintain its distinctive brand positioning, along with its respected company name. Tuohy will also maintain its current distribution channels, realizing potential growth opportunities through Haworth’s distribution network.
“Haworth’s acquisition of a minority position in Tuohy-a quality and well respected company-speaks volumes about our company’s strength, even in tough economic times,” says Franco Bianchi, Haworth president and CEO. “This reflects our confidence in the future, the freedom that private ownership provides to make long-term decisions, and the positioning of our strategic direction. Like others in this industry, we have adjusted our business to economic conditions and continue to pursue our vision with the expectation of emerging from the recession in a stronger position.”
“The design point of view for which Haworth is known today is global in nature and complementary to our design intent,” says Dan Tuohy, president and CEO of Tuohy. “By capitalizing on each other’s strengths, we can serve our customers with an integrated and beautiful solution.”
“This partnership will allow Tuohy to tap into Haworth’s excellent design, engineering and product development capabilities,” says Michael Tuohy, COO of Tuohy. “It will bring the skills of our team to a larger audience.”
For more information, see the Haworth Web site.
