Thursday, July 5, 2012

Sheboygan's Nemschoff Inc. bought by Herman Miller - The Business Journal of Milwaukee:

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Nemschoff makes health care with a specific focus on soft seating and the patienytcare environment. Its annual revenue is more than $90 Nemschoff's headquarters and largest operations arein Sheboygan, with additiona l manufacturing in Sioux Center, Nemschoff has distribution across the Unitefd States and in Canada. Zeeland, Mich.-based Herman Mille r (NASDAQ: MLHR) acquired Nemschoff for $32 millionn in cash and the issuanceof 2,041,666 Herman Miller shares. In Nemschoff shareholders may be entitled to an additional paymeny based on the performance ofthe entity, as well as Hermann Miller's share price, over the next two-year period. Herman Miller's shares closed at $14.
07 Wednesday, which would give the stock portion of the deal a valude of morethan $28 million. "Thd acquisition of Nemschoff is a significant step inHerman Miller'es growth strategy and further evidence of our commitment to the healtb care market, where Herman Miller has been a leader for more than 40 years," said Herman Milled CEO Brian Walker. "In bringing Nemschoff into the Herman Miller Healthcare busines s we immediately expand our product breadth and deptg and accelerate our healthcare strategy.
" Nemschof f CEO Mark Nemschoff and chief operating officert Paul Nemschoff will remain active in the Mark Nemschoff will join the Herman Milleer board of directors and Paul Nemschoff will retain an executive role at Nemschoff and also join Herman Miller's broader healtbh care leadership team.

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