HNI Corporation announces agreement to acquire Kimball International

JASPER, Ind. (WFIE) - HNI Corporation announced on Wednesday that an agreement has been reached to acquire Kimball International.

According to a release, Kimball International says that they have entered a definitive agreement for HNI to acquire all the outstanding shares of Kimball International in a cash and stock transaction valued at around $485 million.

Officials say under the terms of the agreement, Kimball International shareholders will receive $9 in cash and 0.1301 shares of HNI common stock for each share Kimball International common stock they own. As a result of the transaction, Kimball International shareholders will own approximately 10% of the combined company.

Officials also say following the close of the transaction, the combined company will continue to be led by Jeff Lorenger, HNI’s Chairman, President, and Chief Executive Officer. Juster will remain in her current role with Kimball International until the closing to ensure a seamless transition.

“We are excited about joining with Kimball International, a high-quality company we have long admired for its recognized brands, furnishings expertise built over 70 years, and established relationships across multiple sectors. The combined company will have a stronger platform for growth, delivering significant benefits for our shareholders, members, dealers, and customers. We look forward to welcoming the talented Kimball International employees to HNI,” said Jeff Lorenger, HNI’s Chairman, President, and Chief Executive Officer.

You can read the full announcement here.

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