GRAND RAPIDS, Mich.--(BUSINESS WIRE)--Sept. 13, 1999--Steelcase Inc., (NYSE: SCS - news) the world's preeminent designer and manufacturer of products used to create high-performance work environments, today announced the completion of the acquisition of Clestra Hauserman, Inc. in Solon, OH, a leading provider of steel moveable walls, from Strafor Facom S.A. The closing of this transaction took place on September 4, 1999.
Steelcase previously purchased 50 percent of Clestra Hauserman in July 1998. By purchasing the balance of the company's stock, Steelcase will add to its portfolio of Pathways products, offering a diverse and unique range of architectural solutions in floor-to-ceiling wall products for facility managers, design professionals and building owners. Pathways products allow customers to integrate furniture, interior architecture, worktools, and technology products to create seamless work environments that make real contributions to their business objectives.
"The acquisition of Clestra Hauserman will clearly compliment and advance our strategy of better serving our dealers and customers by offering them integrated architectural solutions and lower price points for office wall products," said Jack Cottrell, Vice President of Integrated Architectural Solutions for Steelcase. "The move to obtain complete ownership of Clestra Hauserman was the natural progression of an already strong relationship, and an important part of Steelcase's corporate strategy to grow our business through acquisitions."
As the leading provider of steel moveable walls and partitions in North America, Clestra Hauserman was a natural partner for Steelcase. By leveraging Clestra Hauserman's expertise and knowledge in this category, Steelcase is able to increase its offering of architectural wall product options to include moveable, demountable and reconfigurable walls.
"We are very excited about being part of the Steelcase team," said Larry Selig, General Manager for Clestra Hauserman. "This transaction will enable Steelcase and Clestra Hauserman to provide the building industry, through the Steelcase distribution channel, with the most complete offering of interior wall solutions."
About Steelcase Inc.
Founded in Grand Rapids, Michigan in 1912, Steelcase Inc. helps individuals and the organizations that employ them around the world to work more effectively. The company has led the office furniture industry in sales every year since 1974 with a product portfolio that includes office furniture, furniture systems, interior architectural products, technology products and related products and services. Fiscal 1999 worldwide net sales, including unconsolidated joint ventures, were in excess of $3 billion. Steelcase Inc. (www.steelcase.com) and its subsidiaries and joint ventures, have more than 50 manufacturing plants and 20,000 employees in 15 countries.
About Clestra Hauserman, Inc.
Clestra Hauserman is the industry leader in the design, manufacture, installation and service of moveable and demountable steel walls for office interiors. Clestra Hauserman invented the moveable steel wall business in 1913. E.F. Hauserman conceived the product and began manufacturing it in Cleveland, Ohio. Over the next 78 years, the organization changed and grew. In 1991, Clestra Hauserman opened a new, state-of-the-art manufacturing facility in Solon, Ohio.
Clestra Hauserman's development and success over the last 86 years has been made possible by adhering to its core competency--providing its customers with the capability to manage change by offering the highest quality moveable steel wall in the industry.