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Haworth Announces Improved Sales, Italian Acquisition


HOLLAND, MI (WHTC) - This may be a red letter day in Haworth history.

The Holland-based office furniture maker announced 2013 sales of 1.41 billion dollars, an increase of more than seven percent from the previous year. President and CEO Franco Bianchi cited sound strategy and leadership that led to excellence in innovation and design in leading to the improved numbers, with all sectors experiencing new areas of growth despite an increasingly competitive environment.

Haworth also disclosed an agreement with Poltrona Frau to buy nearly 59 percent of the high-end Italian furniture company at around four dollars per share, with a public tender offer for the remaining shares at that same price. It will bring Poltrona Frau’s iconic armchairs into the Haworth fold. Anti-trust authorities in the US and the European Union must approve the deal, which should be completed by the end of April.