Hooker Furniture to Purchase Sam Moore from La-Z-Boy
2007年2月14日 - 6:15AM
PRニュース・ワイアー (英語)
MARTINSVILLE, Va. and MONROE, Mich., Feb. 13 /PRNewswire-FirstCall/
-- Hooker Furniture Corporation (NASDAQ:HOFT) and La-Z-Boy
Incorporated (NYSE:LZB) today announced they signed a letter of
intent for Hooker to purchase Sam Moore Furniture, a Bedford,
Va.-based manufacturer of upscale occasional chairs with an
emphasis on fabric-to-frame customization, from La-Z-Boy. Sam
Moore, a 63-year-old company owned since 1998 by La-Z-Boy, is
positioned in the upper-medium price range, has a similar dealer
base and is a niche- and item-oriented line like Hooker, making the
proposed acquisition a "great fit," according to Paul B. Toms Jr.,
chairman, chief executive officer and president of Hooker. "This
acquisition would help us attain one of our strategic goals to
further diversify into fabric upholstery," Toms said. In 2003,
Hooker acquired upscale leather seating company Bradington-Young,
and the combination of the two seating resources under the Hooker
Furniture umbrella "would create approximately $100 million in
annual upholstery sales for the Company, and also would take our
total revenues closer to the $400 million mark," he said. Kurt L.
Darrow, president and chief executive officer of La-Z-Boy, said,
"Sam Moore is a great company with an excellent product line and
customer base; however, it doesn't fit with our long-term strategic
direction. Hooker is a natural partner for this business and we are
confident our customers would be well serviced. We'd like to
express our gratitude to our employees and customers for their
dedication to both Sam Moore and La-Z-Boy and look forward to their
assistance during the transition period." Toms added, "We believe
there is a good future for domestically-produced upholstery,
especially for a company that offers customization, and 60% of Sam
Moore's business is special order." He added, "Sam Moore is well
positioned with the interior design trade, which would further
another Hooker strategic goal to strengthen business with the
designer distribution channel." According to the terms of the
letter of intent, the acquisition would be a cash purchase of all
the Sam Moore assets, which include property, plant, equipment,
inventories and accounts receivable. Sam Moore's assets include an
approximately 325,000 square-foot production facility and corporate
offices in Bedford. Also under the terms of the letter, Sam Moore
President Mike Moldenhauer would continue with the company.
Moldenhauer said, "We are delighted at the prospect of becoming
part of a Virginia-based company that is growth focused and enjoys
the same fine tradition of high-quality furniture as Sam Moore.
This is a very positive announcement for our employees, customers
and suppliers." "Sam Moore is a strong company with a good name, a
great work force and management team," said Toms. "While we think
we can help to ramp up sales at Sam Moore, we expect the company
would operate autonomously on a day to day basis." Other marketing
and merchandising synergies the transaction would offer include
rounding out the product assortment for Hooker's SmartLiving
ShowPlace retail galleries and complementing Hooker's import accent
chair business. "We already have an $8.5 million business with our
imported decorative chairs that are sold from our warehouse or
through our container direct program," Toms said. "We can visualize
taking some of the best selling frames in our current line and
offering them with special order fabrics utilizing the expertise of
Sam Moore." The transaction is expected to close some time in the
second quarter of the 2007 calendar year, subject to, among other
things, completion of due diligence and negotiation of a definitive
acquisition agreement. Ranked among the nation's top 10 largest
publicly traded furniture providers based on 2005 shipments to U.S.
retailers, Hooker Furniture is an 82-year old importer and
manufacturer of residential wood, metal and upholstered furniture.
The Company's principal customers are home furnishings retailers
who are broadly dispersed throughout North America. Major furniture
categories include home entertainment and wall units, home office,
casual and formal dining, bedroom, bath furnishings, accent,
occasional and motion and stationary leather and fabric upholstered
furniture. With approximately 1,000 employees, the Company operates
manufacturing plants and supply plants, several distribution
centers, warehouses and showrooms and a corporate office in
Virginia and North Carolina. Please visit our websites at
http://www.hookerfurniture.com/ and
http://www.bradington-young.com/ La-Z-Boy Incorporated is one of
the world's leading residential furniture producers, marketing
furniture for every room of the home. The La-Z-Boy Upholstery Group
companies are Bauhaus, Centurion, England and La-Z-Boy. The
La-Z-Boy Casegoods Group companies are American Drew, Hammary,
Kincaid, Lea, Clayton Marcus, and Pennsylvania House. La-Z-Boy's
proprietary distribution network is dedicated exclusively to
selling La-Z-Boy Incorporated products and brands, and includes 340
stand- alone La-Z-Boy Furniture Galleries(R) stores and 307
La-Z-Boy In-Store Galleries, in addition to in-store gallery
programs at the company's Kincaid, Pennsylvania House, Clayton
Marcus, England and Lea operating units. Additional information is
available at http://www.la-z-boy.com/. Statements made in this
release, other than those concerning historical financial
information, may be considered forward-looking statements. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements, including but not limited to: whether
Hooker Furniture and La-Z-Boy will be able to consummate the
proposed acquisition and whether Hooker Furniture will successfully
integrate Sam Moore's business operations; domestic and
international competition in the furniture industry; general
economic or business conditions, both domestically and
internationally; the cyclical nature of the furniture industry;
achieving and managing growth and change and the risks associated
with acquisitions, restructurings, strategic alliances and
international operations; supply, transportation and distribution
disruptions or delays affecting imported and domestically
manufactured products; adverse political acts or developments in,
or affecting, the international markets from which the Company
imports products, including duties or tariffs imposed on products
imported by the Company; changes in domestic and international
monetary policies and fluctuations in foreign currency exchange
rates affecting the price of the Company's imported products; risks
associated with distribution through retailers, such as non-
binding dealership arrangements; risks associated with
manufacturing operations, such as fluctuations in the price of key
raw materials, including lumber and leather, and environmental
matters; and capital requirements and costs. DATASOURCE: La-Z-Boy
Incorporated CONTACT: Paul B. Toms Jr., Chairman, Chief Executive
Officer and President, +1-276-632-2133, or Kim D. Shaver, Vice
President, Marketing Communications, +1-336-454-7088, both of
Hooker Furniture; or Mark Stegeman, Treasurer, +1-734-241-4418, ,
or Kathy Liebmann, Director of Investor Relations, +1-734-241-2438,
, both of La-Z-Boy Incorporated Web site: http://www.la-z-boy.com/
http://www.hookerfurniture.com/
Copyright
La Z Boy (NYSE:LZB)
過去 株価チャート
から 6 2024 まで 7 2024
La Z Boy (NYSE:LZB)
過去 株価チャート
から 7 2023 まで 7 2024