MONROE, Mich., Jan. 23, 2013 /PRNewswire/ -- La-Z-Boy
Incorporated (NYSE: LZB) has finalized the purchase a block of land
from the Monroe-based Sisters,
Servants of the Immaculate Heart of Mary (IHM) order. The land will
be used to build a new World Headquarters for La-Z-Boy, which is
expected to house approximately 500 employees. Today,
Mary Jane Herb, IHM President, and
Kurt Darrow, La-Z-Boy Chairman,
President, and Chief Executive Officer, signed all of the closing
documents for the sale of 120 acres of IHM property to La-Z-Boy.
Effective with the closing, IHM has transferred the care of the
land to La-Z-Boy for La-Z-Boy's new headquarters campus.
The land purchase completion, combined with the finalization in
December of a combination of Michigan state, county and local tax breaks
and grants to support the project, paves the way for La-Z-Boy to
begin the final design of the building and site. The company
has a goal of breaking ground and beginning construction in the
spring with the expectation of moving into the new headquarters in
late 2014 or the first half of 2015.
The preliminary plan includes a LEED certified headquarters
building nestled into a parcel of land across from an oak savannah.
Many areas of the building will have beautiful views into the
wooded area. Vegetated swales in the parking lots, walking trails
for La-Z-Boy employees and other natural features including meadows
are also part of the plan.
Kurt L. Darrow, Chairman,
President and Chief Executive Officer of La-Z-Boy, said, "We are
delighted to have finalized the purchase of land from the IHM
Sisters and are excited to be moving forward with the final design
and construction of our new World Headquarters. When
completed, this landmark facility will provide an inspiring,
innovative and collaborative work environment for our employees and
highlight our evolving image as a worldwide leader in our
industry."
"Partnering with La-Z-Boy, a local enterprise committed to
building a sustainable culture within their company and industry,
demonstrates IHM's commitment to implement our vision in
partnership with others", said Mary Jane
Herb, IHM President. The restoration and preservation of the
oak savannah as well as preservation of green space in the city are
shared goals of IHM and La-Z-Boy. "I expect there will be other
opportunities for synergy between IHM and La-Z-Boy," Mary Jane Herb, IHM President, continued,
"because we are both endeavoring to protect the planet and leave it
a better place for future generations."
About La-Z-Boy
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,
England and La-Z-Boy. The
operating units in the Casegoods Group consist of two groups, one
including American Drew, Lea and Hammary, and the second being
Kincaid. The company-owned retail segment includes 97 of the
317 La-Z-Boy Furniture Galleries® stores.
The corporation's proprietary distribution network is dedicated
exclusively to selling La-Z-Boy Incorporated products and brands,
and includes 317 stand-alone La-Z-Boy Furniture Galleries® stores
and 563 independent Comfort Studios®, in addition to in-store
gallery programs for the company's Kincaid, England and Lea operating units. Additional
information is available at http://www.la-z-boy.com/.
About IHM
The mission statement of the Sisters, Servants of the Immaculate
Heart of Mary, founded in 1845, states: "Urged by the love of God,
we choose to work with others to build a culture of peace and right
relationship among ourselves, with the church, and with the whole
Earth community." The IHM Sisters express their mission through
their ministries, including the traditional ministry of education
as well as pastoral care, justice advocacy, spiritual and
psychological counseling, sustainability, and direct service to the
poor in the United States and
developing nations. For more information visit their website at
www.ihmsisters.org.
SOURCE La-Z-Boy Incorporated