Furniture manufacturer plans to buy raised access flooring manufacturer
HOLLAND, Mich., Sep 15, 2003 /PRNewswire-FirstCall via
COMTEX/ -- Haworth, Inc. and Interface, Inc. (Nasdaq: IFSIA) today announced
that they have signed an agreement for Haworth to purchase the assets of Interface
Architectural Resources (InterfaceAR), a Grand Rapids-based manufacturer of
raised access flooring currently owned by Interface. The transaction, which
includes certain inventory, real estate, fixed assets and intellectual property,
is expected to close on September 26, 2003.
InterfaceAR manufactures raised access flooring used in
new and existing commercial buildings. According to Haworth president and CEO
Robert Krasa, this acquisition gives Haworth the most complete line of raised
access flooring solutions in North America.
"The acquisition strengthens and complements our architectural
product lines of LifeSpace(R) movable walls, Nexus low-profile raised access
flooring, DataThing(R) data and Powerbase(R) electrical modular cabling solutions,"
Krasa said. "Combined with our systems furniture, seating, storage products
and case goods, Haworth offers the most complete line of modular workspace solutions
available. This concept responds to the growing demand for work spaces that
are flexible, easy to reconfigure and environmentally responsible. The environmental
advantage offered by raised access flooring was a key driver in our decision
to pursue this opportunity."
"Raised access flooring" refers to flooring systems that
are installed in modules in either new construction or in buildings that are
being refurbished. The raised access flooring creates an under floor space that
can be used to run electrical wiring, data cabling, and heating and cooling
utilities. "InterfaceAR is an excellent fit for us," said Krasa. "We are excited
about the talented employees and dealers that will be joining the Haworth family
of companies."
InterfaceAR originally was founded in 1982 as C-Tec Corporation. In 1995,
the company was acquired by Interface, Inc. and changed its name to Interface
Architectural Resources, Inc. and is today abbreviated to InterfaceAR. A
leader in its industry, InterfaceAR offers the widest range of raised access
flooring systems available. Its products include steel-reinforced concrete
floor panels and steel floor panels along with associated power distribution
and HVAC accessories and system components.
Haworth has a long history of environmental leadership
in its industry. It has earned such honors as the Michigan Recycler of the Year
Award and the federal government's Evergreen Award for environmental responsibility.
Haworth is also an industry leader in the number of manufacturing plants registered
to ISO 14001 environmental standards.
Haworth, Inc., a world leader in the design and manufacture of office
environments, is based in Holland, Michigan, operates in more than 120
countries, and employs 10,000 members worldwide. www.haworth.com
Interface, Inc. is a recognized leader in the worldwide commercial
interiors market, offering floor coverings and fabrics. Interface is the
world's largest manufacturer of modular carpet tile, enjoys a leading position
in the high quality, designer-oriented segment of the broadloom carpet market,
and is a top provider of upholstery and panel fabrics.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This new release contains statements which may constitute "forward-
looking statements" within the meaning of the Securities Act of 1933, as
amended, and the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include statements
regarding the intent, belief or current expectations of Haworth, Inc. or
Interface, Inc. and members of their respective management teams, as well as
the assumptions on which such statements are based. Any forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties that could cause actual results to differ materially
from those contemplated by such forward-looking statements. Important factors
currently known to Haworth, Inc. and Interface, Inc. that could cause actual
results to differ materially from those in forward-looking statements include
risks and uncertainties associated with economic conditions in the commercial
interiors industry. Neither Haworth, Inc. nor Interface, Inc. undertakes any
obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results over time.
SOURCE Haworth, Inc.; Interface, Inc.
Dave Adamski, Corporate Communications Administrator, Haworth,
Inc., +1-616-393-3618, cell, +1-616-550-4304, or dave.adamski@haworth.com;
Patrick C. Lynch, Chief Financial Officer, Interface, Inc., +1-770-437-6848,
patrick.lynch@us.interfaceinc.com
http://www.haworth.com