ST. LOUIS, Mo., March 31, 2008 (PRIME NEWSWIRE) -- Furniture Brands International (NYSE:FBN) today announced that it has completed the sale of it HBF business furniture unit to HNI Corporation (NYSE:HNI) for $75 million. Wachovia Securities assisted Furniture Brands in the process.
"This transaction puts our focus solely on the home furnishings industry," said Chief Executive Officer Ralph P. Scozzafava. "We are aggressively executing a strategic plan that will strengthen our portfolio of well-known consumer brands, create more value for our retail partners, deliver operational excellence, and grow and develop our people.
"The proceeds of the sale will be used to further improve our balance sheet, where today we have the most cash and least debt since the company recapitalized in 1992," Mr. Scozzafava said.
About Furniture Brands
Furniture Brands International (NYSE:FBN) is a vertically integrated operating company that is one of the nation's leading designers, manufacturers, and retailers of home furnishings. With annual sales in excess of $2 billion, it markets through a wide range of retail channels, from mass merchant stores to single-brand and independent dealers to specialized interior designers. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Pearson, Hickory Chair, Laneventure, and Maitland-Smith.
About HNI
HNI Corporation is a NYSE-traded company providing products and solutions for the home and workplace environments. HNI Corporation is the second largest office furniture manufacturer in the world and is also the nation's leading manufacturer and marketer of gas- and wood-burning fireplaces. The Corporation's strong brands, including HON(r), Allsteel(r), Gunlocke(r), Paoli(r), Maxon(r), Lamex(r), Heatilator(r), Heat & Glo(tm), Quadra-Fire(r), and Harman Stove(tm) have leading positions in their markets. HNI Corporation is committed to maintaining its long-standing corporate values of integrity, financial soundness and a culture of service and responsiveness. By doing so, in 2008 the Corporation was recognized by Fortune Magazine as one of America's Most Admired Companies. In 2007, the Corporation was recognized by IndustryWeek as one of the 50 Best U.S. Manufacturing Companies for the fifth consecutive year. HNI Corporation's common stock is traded on the New York Stock Exchange under the symbol HNI. More information can be found on the Corporation's website at http://www.hnicorp.com .