Shareholders approve $485M Kimball acquisition
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Jasper-based commercial furnishings company Kimball International Inc. on Wednesday announced its shareholders have approved HNI Corp.’s proposed $485 million acquisition of the company. With the approval, the deal is expected to close on Thursday.
Iowa-based HNI manufactures workplace furnishings and residential building products. The company first announced plans for its acquisition of Kimball in March.
Kimball International was founded in 1950 and currently manufactures furnishings for a variety of industries, including healthcare, education, and other office spaces under multiple brands.
The company employs more than 2,400 people across its national footprint, including 1,600 in Indiana.
When the acquisition is complete, HNI CEO Jeff Lorenger will lead the combined company.
“The completion of the Kimball International acquisition represents a new chapter as we bring together two strong, successful companies with similar cultures and well-established families of brands,” Lorenger said in a news release. “The combined companies will have an unmatched comprehensive product offering positioned to benefit from post-pandemic trends. I’m privileged to lead this talented team and look forward to the significant benefits we will deliver to our shareholders, members, dealers, and customers.”
HNI said its headquarters will remain in Muscatine, Iowa. Kimball will continue its operations in Jasper, though it was not immediately clear if any jobs would be negatively affected by the deal.
Kimball’s stock closed at $12.30 per share, down 0.89%, on Wednesday. HNI’s stock closed at $25.50 per share, down 2.78%.