Steelcase to acquire leading firm in pre- K-12 furniture

Steelcase (file)

GRAND RAPIDS, Mich. —  Grand Rapids-based Steelcase Inc. has signed a financial document to acquire a Texas-based high-quality furniture firm for the pre- K-12 market.

Steelcase is a publicly-traded company (NYSE: SCS) that says it posted revenues in fiscal 2018 of more than $3 billion.  According to Wikipedia, it was founded in 1912. The acquisition of Smith System Manufacturing Company – founded in 1905 – will expand Steelcase’s global footprint in the education market. It’s also branching out more in the healthcare and office industries.

In a news release, Steelcase Vice President of Global Marketing Allan Smith said, “As education markets continue to grow, the combination of Steelcase and Smith System will create incredible value for our customers.

“Together, we can help schools create outstanding learning environments where students thrive, such as collaboration spaces, makerspaces and tech labs.”

Steelcase says this is an opportunity to double Smith System’s business “within five years” through the Steelcase dealer network, “as well as bringing Smith System’s products to corporate customers and global markets.”

 

 

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1 Comment

  • Mac Woods

    3 Billion. Seriously? I remember in 1997 when they profited SIX billion and my year end bonus was 11 grand, net. A well-oiled invincible machine……….Until Mark Baker & his friends ruined it for us a few years later.