USA –  HNI Corporation and Steelcase Inc., two giants of the North American contract furniture industry, have agreed to merge in a cash and stock transaction valued at approximately USD 2.2 billion.

The deal, expected to close by the end of 2025, will see HNI shareholders own 64% of the combined company, and Steelcase shareholders 36%.

Steelcase shareholders will receive USD 7.20 in cash and 0.2192 HNI shares per Steelcase share, valuing the offer at USD 18.30 based on HNI’s August 1, 2025, share price. The combined company will have pro forma annual revenue of around USD 5.8 billion and expects USD 120 million in annual synergies.

HNI, ranked #11 in the FDMC 300, currently reports sales of USD 1.9 billion and 7,700 employees, while Steelcase, ranked #4, brings USD 3.2 billion in sales and 11,300 employees. Steelcase’s brand and Grand Rapids headquarters will be retained post-merger.

“This is a transformative moment,” said HNI CEO Jeffrey Lorenger. Steelcase CEO Sara Armbruster called it a “bold step” to redefine the workplace experience.