| Apr 29, 2013 |
Herman Miller pays $156m in Maharam acquisition
Boh staff
By Staff

Effective today, Herman Miller is the parent company of Maharam, the New York-based interior textiles company. With revenues of approximately $105 million in 2012, Maraham was purchased for approximately $156 million in cash.

Louis Maharam and family

A fourth-generation family business founded in 1902 by Louis Maharam, the company employs approximately 250 people, and collaborates with a global network of independent product designers and textile producers.

Michael Maharam, CEO, said, "[As] much as we've struggled with this decision, our philosophical kinship with Herman Miller helped make this difficult step a far easier one. Beyond our shared objectives in design leadership, we consider Herman Miller to be an esteemed organization intent on doing well by its staff, clientele and the community. We believe they have the complementary intellect and resources to ensure Maharam a bright future while valuing our spirit and ways, and permitting the continued evolution of our unique approach. Herman Miller's potential to provide the wherewithal to pursue important new initiatives, as well as an established reach into both retail and international markets and the greatest possible strength of association, offers a powerful lever in achieving our design-centered strategic vision."

Maharam offices

Herman Miller has made retention of Maharam's leadership a priority, with Michael and Stephen Maharam, CEO and COO, respectively, remaining active in day-to-day management for the coming two years while other existing senior leadership prepares to assume expanded roles. Additionally, an ongoing executive advisory board has been established, including Michael Maharam, other veteran executives, and Herman Miller's Ben Watson.

"The combination of Herman Miller and Maharam is a natural and complementary union anchored in our shared values and built on years of business cooperation and personal friendship," said Brian Walker, Herman Miller's Chief Executive Officer. "Our respective and combined operational strengths and resources provide immediate, mutual strategic leverage."

Ben Watson, Herman Miller's Executive Creative Director, noted, "The cultures of the combined organizations are highly compatible—we share an unwavering dedication to authored design, product innovation and operational excellence in service to our customers. We are also unified in our commitment to sharing our success with employees and in giving back to our communities through environmental sustainability and socially responsible business practices."

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