HAWORTH ACQUIRES MINORITY POSITION IN TUOHY FURNITURE CORP.
HOLLAND, MI – October 14, 2009 – Tuohy Furniture Corporation and Haworth Inc. announced today that Haworth has acquired part ownership of the Minnesota-based manufacturer of executive casegoods, conference tables, seating and lounge furniture. This partnership will strategically strengthen product mix and distribution networks. The agreement was signed on Monday, October 12.
Haworth and Tuohy will realize significant benefits from this new partnership, and form a strong alliance in the marketplace. With little overlap in the two companies’ products, Tuohy’s executive casegoods, conference tables, seating and lounge furniture will strengthen Haworth’s market position.
Tuohy will continue to be autonomously managed by its current management team, led by Dan and Michael Tuohy. Tuohy is known for leadership in design, knowledge of wood and quality craftsmanship. The company will maintain its distinctive brand positioning, along with its well-respected company name. Tuohy will also maintain its current distribution channels, realizing potential growth opportunities through Haworth’s distribution network.
“Haworth’s acquisition of a minority position in Tuohy, a quality and well respected company, speaks volumes about our company’s strength, even in tough economic times,” said Franco Bianchi, Haworth President & CEO. “This reflects our confidence in the future, the freedom that private ownership provides to make long-term decisions and the positioning of our strategic direction. Like others in this industry, we have adjusted our business to economic conditions and continue to pursue our vision with the expectation of emerging from the recession in a stronger position.”
“We are excited about this partnership,” said Dan Tuohy, President & CEO of Tuohy. “The design point of view for which Haworth is known today is global in nature and complementary to our design intent. By capitalizing on each others strengths, we can serve our customers with an integrated and beautiful solution.”
“This partnership will allow Tuohy to tap into Haworth’s excellent design, engineering and product development capabilities,” said Michael Tuohy, Chief Operating Officer of Tuohy. “It will bring the skills of our team to a larger audience.”
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Family-owned and located in Chatfield, Minnesota, Tuohy manufactures executive casegoods, conference tables, seating and lounge furniture. Tuohy attributes their success and premium quality products to focusing on a high level of design and employing a highly skilled and passionate manufacturing workforce. As part of that commitment to quality, Tuohy operates its own veneer business which allows close quality control from raw flitches to finished goods. Tuohy’s design aesthetic is predominantly contemporary in style, integrating beautifully with Haworth products. For more information about Tuohy, visit www.tuohyfurniture.com.
Haworth, Inc. is a global leader in the design and manufacture 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 $1.65 billion in 2008. www.haworth.com & www.organicworkspaces.com