LifeStyle furnishings sells three divisions to furniture brands. (Trends & News).On Dec. 28, 2001, Furniture Brands Inc. of St. Louis, MO, finalized See finalization. the purchase of three furniture divisions from LifeStyle Furnishings International Ltd. of High Point, NC, for $175 million in cash and $100 million in common stock. The divisions Furniture Brands purchased are: Henredon Furniture Industries of Morganton, NC; Drexel Heritage Furnishings of Drexel, NC; and Maitland-Smith of High Point, NC. Henredon and Drexel Heritage each produces wood, upholstered and occasional residential and home office furniture; Drexel Heritage also produces motion furniture. Maitland-Smith makes antique-inspired furniture, accessories and lighting. Furniture Brands and LifeStyle are the two largest residential furniture manufacturers in the nation. Each company had sales greater than $2 billion in 2000. Furniture Brands estimates that the three companies will add about $425 million to its revenues in 2002. W.G. (Mickey) Holliman, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Furniture Brands, said, "With Broyhill, Lane and Thomasville, Furniture Brands International already has a strong position in the middle and upper-middle price points of residential furniture. The acquisition of Henredon, Drexel Heritage and Maitland-Smith will give us an industry-leading presence in the "premium" category as well. LifeStyle Considers Selling Three Other Divisions LifeStyle also announced it is in negotiations to sell its Berkline (Morristown, TN) and BenchCraft (Blue Mountain, MD divisions as a unit, and its Sunbury (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY) fabrics division, in separate deals. The company said it expects to complete those transactions in the first quarter of 2002. Alan Cole, CEO and president of LifeStyle, said, "The divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of these companies is consistent with LFI's previously announced de-leveraging strategies. LFI LFI Local File Inclusion LFI Link Fragmentation and Interleaving (Cisco) LFI Landesforstinventar (National Forest Inventory, Switzerland) LFI Lethal Force Institute LFI Last File Indicator will emerge essentially free of bank debt as a result of these strategic initiatives." If all transactions occur as expected, LifeStyle would be left with Lexington Home Brands and La Barge as its only residential furniture holdings. It also owns Robert Allen Robert Allen may refer to:
An area of Boston, Massachusetts, noted for its historic residences, brick sidewalks, and picturesque mews. Noun 1. Beacon Hill - a fashionable section of Boston; site of the Massachusetts capital building Showrooms, and the LifeStyle Contract Furnishings division. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion