ZEELAND, Mich., July 20, 2021 /PRNewswire/ -- Herman Miller
(NASDAQ: MLHR) today announced that, after completing the
acquisition of Knoll, Inc. ("Knoll"), on July 19, 2021, the combined company will move
forward as MillerKnoll. Herman Miller and Knoll, along with their
legacy brands, will continue as distinct brands as part of
MillerKnoll. In addition, MillerKnoll will have a new operating
model that will ensure strong brand ownership—transforming the
industry and redefining modern design.
"We are excited to introduce MillerKnoll, a collective of
dynamic brands coming together to design the world we live in,"
said Andi Owen, President and Chief
Executive Officer of MillerKnoll. "Our industry—and the world in
general—is changing rapidly. Design is the way we imagine and shape
a better future. In coming together, we will define and lead this
transformation, like we have other transformations in our
histories."
MillerKnoll: The Preeminent Leader in Modern Design
Herman Miller and Knoll have deep legacies as industry pioneers
and a shared commitment to design, innovation, operational
excellence, sustainability, and social good. With the transaction
now closed, MillerKnoll will:
- Catalyze the transformation of the home and office through a
united portfolio of complementary brands.
- Support and grow existing Contract and Retail channels, as well
as explore new ideas and business innovations, to ensure they meet
the highest level of manufacturing excellence, customer sales and
service, and user experience.
- Comprise global functional teams that serve the entire
enterprise, including Manufacturing, Digital, Technology,
Marketing, Strategy, Finance, Human Resources, and Legal.
- Drive growth and profitability with a scaled US and
international footprint, maintaining strong brand ownership
designed to preserve and nurture the essence of the brands within
the combined company's portfolio, which includes the Herman Miller
and Knoll brands.
MillerKnoll now benefits from increased reach and the ability to
better serve customers across the contract furnishings sector,
residential trade segment, and retail audience. In addition,
MillerKnoll is well positioned to enhance engagement with
architects and interior designers, who support decision-making for
both Contract and Residential customers.
Owen continued, "We are a group of people and brands guided by a
shared vision, common values, and a steadfast commitment to design.
As MillerKnoll, we'll push and inspire each other to innovate and
design the future for all the places where life happens."
As previously announced, MillerKnoll will be led by Herman Miller President and CEO Andi Owen. In addition to Owen, the combined
company will be led by a world-class executive team made up of
leaders from both Herman Miller and Knoll. Additional information
on the leadership team is available on the company's Newsroom.
Herman Miller intends to submit a proposal to its shareholders
at its upcoming annual meeting in order to seek approval of the
formal change of Herman Miller's corporate name to
MillerKnoll. At this time, Herman Miller common stock will
continue to trade on the Nasdaq under the ticker symbol "MLHR."
About MillerKnoll
MillerKnoll is a collective of dynamic brands and one of the
largest and most influential modern design companies in the world.
The company is a result of a deep legacy of design, innovation, and
social good. MillerKnoll was created in 2021 from the combination
of Herman Miller and Knoll, and includes brands Colebrook Bosson
Saunders, DatesWeiser, DWR, Edelman
Leather, Fully, Geiger, HAY, Holly
Hunt, KnollExtra, Knoll Office, KnollStudio, KnollTextiles,
Maars Living Walls, Maharam, Muuto, naughtone, and
Spinneybeck|FilzFelt. Guided by a shared vision, common values, and
a steadfast commitment to design, MillerKnoll innovates and designs
the future for all the places where life happens while contributing
to a more equitable and sustainable future for all.
Forward-Looking Statements
This communication includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements relate to future events and anticipated results of
operations, business strategies, the anticipated benefits of the
transaction, the anticipated impact of the transaction on the
combined company's business and future financial and operating
results, the expected amount and timing of synergies from the
transaction, and other aspects of our operations or operating
results. These forward-looking statements generally can be
identified by phrases such as "will," "expects," "anticipates,"
"foresees," "forecasts," "estimates" or other words or phrases of
similar import. It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what impact they will have on the
results of operations and financial condition of Herman Miller or
the price of Herman Miller's stock. These forward-looking
statements involve certain risks and uncertainties, many of which
are beyond Herman Miller's control, that could cause actual results
to differ materially from those indicated in such forward-looking
statements, including but not limited to: the impact of public
health crises, such as pandemics (including coronavirus (COVID-19))
and epidemics, and any related company or government policies and
actions to protect the health and safety of individuals or
government policies or actions to maintain the functioning of
national or global economies and markets; the risk that the
anticipated benefits of the merger with Knoll will not be realized
on the anticipated timing or at all; risks related to the
additional debt incurred in connection with the merger; Herman
Miller's ability to comply with its debt covenants and obligations;
the risk that the anticipated benefits of the merger will be more
costly to realize than expected; the effect of the announcement of
the merger on the ability of Herman Miller or Knoll to retain and
hire key personnel and maintain relationships with customers,
suppliers and others with whom Herman Miller or Knoll does
business, or on Herman Miller's or Knoll's operating results and
business generally; the ability of Herman Miller to successfully
integrate Knoll's operations; the ability of Herman Miller to
implement its plans, forecasts and other expectations with respect
to Herman Miller's business after the completion of the transaction
and realize expected synergies; business disruption following the
merger; general economic conditions; the availability and pricing
of raw materials; the financial strength of our dealers and the
financial strength of our customers; the success of
newly-introduced products; the pace and level of government
procurement; and the outcome of pending litigation or governmental
audits or investigations. For additional information about other
factors that could cause actual results to differ materially from
those described in the forward-looking statements, please refer to
Herman Miller's periodic reports and other filings with the SEC,
including the risk factors identified in Herman Miller's most
recent Quarterly Reports on Form 10-Q and Annual Reports on Form
10-K. The forward-looking statements included in this communication
are made only as of the date hereof. Herman Miller does not
undertake any obligation to update any forward-looking statements
to reflect subsequent events or circumstances, except as required
by law.
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SOURCE MillerKnoll