13 January 2006 – Muscatine (IA): HNI Corporation has signed an agreement to purchase Lamex, a privately held Chinese office furniture manufacturer for an unknown sum.
Lamex, which was founded in Hong Kong in 1977, has sales in excess of $70 million.
Stan Askren, chairman and president/CEO of HNI Corporation, said: "Lamex’s strong brand, significant customer base, and manufacturing capability offers HNI Corporation the opportunity to drive aggressive growth in China, one of the largest and fastest growing office furniture markets in the world."
The acquisition is expected to close in early 2006, subject to satisfactory completion of closing conditions.
