by Brianna Crandall — April 27, 2012—Herman Miller, Inc., recently announced the completion of the company’s previously announced agreement to acquire POSH Office Systems, Ltd., a Hong Kong-based designer, manufacturer, and distributor of office furniture systems, freestanding furniture, seating, and filing and storage. The final purchase price is approximately $50 million, including a performance-based payment at the conclusion of an earn-out period.
The acquisition follows a successful alliance between POSH and Herman Miller begun in September 2008. Company officials noted that through their alliance both companies have been able to leverage their respective strengths in product design and distribution to their shared advantage, while confirming a foundation of shared values.
POSH Office Systems, with annual revenues of approximately $60 million in 2011, is seen as a market leader in commercial furnishings in both Hong Kong and the People’s Republic of China, with several local and international awards and designations under its belt. Operating with five major showroom locations, including the largest commercial furniture showroom in Hong Kong, the company distributes through a POSH franchise network in China and more than 30 international distributors worldwide. Known for its strong brand image of “Better Design, Better Environment,” POSH was the founding corporate sponsor of Hong Kong Design Centre and has been named “Caring Company” for six consecutive years since 2005 for outstanding achievements in corporate citizenship.
Herman Miller says it works for “a better world around you”—with inventive designs, technologies, and related services that improve the human experience wherever people work, heal, learn, and live. Its curiosity, ingenuity, and design excellence create award-winning products and services, resulting in more than $1.6 billion in revenue in fiscal 2011. Innovative business practices and a commitment to social responsibility have also established Herman Miller as a recognized global company. In 2011, Herman Miller again received the Human Rights Campaign (HRC) Foundation’s top rating in its annual Corporate Equality Index and was also cited by FORTUNE as the “Most Admired” company in the contract furniture industry.
