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La-Z-Boy sells office contract unit.

MONROE, MI -- La-Z-Boy Inc. recently completed the sale of its contract unit to the owners of Best Home Furnishings Inc., an upholstered furniture maker based in Ferdinand, IN.

The transaction includes allowing the new owners continued use of the La-Z-Boy name in contract and health care furniture markets, as well as La-Z-Boy's plant in Leland, MS. Terms of the sale were not disclosed.

La-Z-Boy President and CEO Kurt Darrow said, "Our contract business did not have the market position compared to the major office furniture players and was not a large enough component of our overall business to justify our continued corporate focus and resources. This sale enables us to concentrate our efforts more solely on home furnishings, which have substantially different dynamics than contract furniture ..."
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Title Annotation:TRENDS & NEWS
Publication:Wood & Wood Products
Geographic Code:1USA
Date:Jun 1, 2005
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