LA-Z-BOY to Invest in Neosho, MO Manufacturing Campus
July 26 2021 - 4:15PM
La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential
furniture, today announced it plans to invest more than $30 million
over a two-year period in its Neosho, MO manufacturing facility.
The 550,000 square-foot plant, which began operations in 1970 and
employs approximately 950 people, makes reclining motion furniture
and supports all La-Z-Boy manufacturing operations with metal
components and purchased parts.
The scope of the project includes various
upgrades and renovations throughout the upholstery plant, a new
medical clinic for employees and their families, and a new parts
distribution center.
Melinda D. Whittington, President and Chief
Executive Officer, of La-Z-Boy Incorporated, said, “We are making
strategic investments across the organization to ensure La-Z-Boy
emerges stronger in a post-pandemic environment. With unprecedented
demand for the La-Z-Boy product, making improvements to our
manufacturing facilities will help drive efficiencies and shorten
lead times for customers and consumers while strengthening our
manufacturing footprint for the long term.”
Darrell E. Edwards, Senior Vice President and
Chief Operating Officer, said: “The Neosho facility is responsible
for producing a significant portion of the La-Z-Boy branded
product. These essential upgrades will improve productivity while
providing for a more modern and pleasant work environment for our
employees who continue to work tirelessly to service our customers.
We are extremely proud of our dedicated workforce and are pleased
we can invest in our infrastructure to support them. Additionally,
we are building a new 60,000 square-foot warehouse space to house
our parts distribution operation to more efficiently service the
entire supply chain across the enterprise.”
Bill Snow, Vice President of the La-Z-Boy
branded business, said: “We appreciate the opportunity to make
these important improvements to our Neosho campus, which will
undoubtedly positively impact our employees, the community, our
customers and the wholesale operation of the company. We plan to
hire more than 100 workers across the site to support the demand
for our upholstered product.”
A ground-breaking ceremony for the Neosho
project is scheduled to take place on August 11, 2021.
Additional Information
This news release is just one part of La-Z-Boy’s
financial disclosures and should be read in conjunction with other
information filed with the Securities and Exchange Commission,
which is available at:
https://lazboy.gcs-web.com/financial-information/sec-filings. Investors
and others wishing to be notified of future La-Z-Boy news releases,
SEC filings and quarterly investor conference calls may sign up at:
https://lazboy.gcs-web.com/.
Background Information
La-Z-Boy Incorporated is one of the world’s
leading residential furniture producers, marketing furniture for
every room of the home. The Wholesale segment includes England,
La-Z-Boy, American Drew®, Hammary®, and Kincaid®. The
company-owned Retail segment includes 159 of the 354 La-Z-Boy
Furniture Galleries® stores. Joybird is an e-commerce retailer and
manufacturer of upholstered furniture.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 354 stand-alone La-Z-Boy Furniture Galleries® stores
and 561 independent Comfort Studio® locations, in addition to
in-store gallery programs for the company’s Kincaid and England
operating units. Additional information is available at
http://www.la-z-boy.com/.
Contact: Kathy Liebmann |
(734)
241-2438 |
kathy.liebmann@la-z-boy.com |
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