HOLLAND, MI – January 19, 2012 – Today, Haworth, Inc. announced that mutares AG, a respected management firm based in Munich, Germany has acquired the Haworth operations in Italy, including the Castelli brand. After the sale, the company is planning to change its name to Castelli.
The agreement provides for a strong ongoing relationship between Haworth and the new external partner. The Castelli brand will continue to play a key role in the success of Haworth’s North American business as an integral part of the Haworth Collection. Haworth will be the distributor of Castelli products in Europe (outside of Italy) and North America. Castelli will continue to serve as the exclusive distributor of Haworth products in Italy.
“The acquisition of Haworth operations in Italy by mutares will increase our organizational agility while maintaining our strong global presence” said Franco Bianchi, Haworth President & CEO. “Under this new arrangement, Castelli will have the opportunity to spread its wings and fully capitalize on a brand that has been around since 1877 while continuing to leverage Haworth’s global products and distribution.”
Haworth’s new partner, mutares, has a demonstrated track record of sustainably increasing the value of the companies they acquire in close cooperation with existing management and employees.
Dr. Axel Geuer, founder of mutares AG and member of its executive board, says with a view to the future development of the company: “Based on its well established market presence and high level of design expertise, Castelli is excellently positioned to quickly exploit new areas of growth. mutares is excited to own a company with such an esteemed brand and to partner with a global brand such as Haworth.”
Haworth, Inc. is a global leader in the design and manufacturing of office furniture and organic workspaces, including raised access floors, moveable walls, systems furniture, seating, storage and wood casegoods. Family-owned and privately held, Haworth is headquartered in Holland, Michigan and serves markets in more than 120 countries through a global network of 600 dealers. The company had net sales of US $1.21 billion in 2010.