Nemschoff is a manufacturer of high-quality, leading-edge design and is recognized as a market leader in healthcare furnishings, with specific strength in soft seating and the patient care environment. Many of the Nemschoff family of products are also specified in the commercial office and education markets. The company's headquarters and largest operations are located in
Walker continued, "The acquisition of Nemschoff is a significant step in Herman Miller's growth strategy and further evidence of our commitment to the healthcare market, where
In making the Nemschoff announcement, the company noted healthcare is an important and growing vertical market opportunity. Relative to other sectors of the economy, healthcare construction remains strong and is supported by significant drivers fueling expectations for future growth. These include an aging population, with the percentage of Americans over the age of 65 projected to grow from 12% to 20% by the year 2030. Additionally, 20% of the recent federal government stimulus package is focused on healthcare, while healthcare costs as a percentage of GDP are projected to grow from 16% to 20% by the year 2017. Global demand for healthcare services and related facilities is also expected to continue to rise.
With the acquisition of Nemschoff, the combined companies offer a full range of product applications from the waiting room to administrative offices, and from the clinical lab and pharmacy to the patient room. The designs of each brand are complementary to the whole, providing multiple performance levels and price points in the healthcare interiors category.
Nickels added, "The cultures and capabilities of the combined organizations are also highly compatible--we share a dedication to quality healthcare through great products that enhance the caregiver, patient, and family experience. Each is also known for their focus on innovative design, quality craftsmanship, great value, reliable operational performance, and a genuine commitment to environmental sustainability."
In announcing the purchase
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended, that are based on management's beliefs, assumptions, current expectations, estimates, and projections about the office furniture industry, the economy, and the company itself. Words like "anticipates," "believes," "confident," "estimates," "expects," "forecasts," likely," "plans," "projects," "should," variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. These risks include, without limitation, employment and general economic conditions, the pace of economic recovery in the U.S., and in our International markets, the increase in white-collar employment, the willingness of customers to undertake capital expenditures, the types of products purchased by customers, competitive-pricing pressures, the availability and pricing of raw materials, our reliance on a limited number of suppliers, currency fluctuations, the ability to increase prices to absorb the additional costs of raw materials, the financial strength of our dealers and the financial strength of our customers, the mix of our products purchased by customers, our ability to attract and retain key executives and other qualified employees, our ability to continue to make product innovations, the success of newly introduced products, our ability to serve all of our markets, possible acquisitions, divestitures or alliances, the outcome of pending litigation or governmental audits or investigations, political risk in the markets we serve, and other risks identified in our filings with the Securities and Exchange Commission. Therefore, actual results and outcomes may materially differ from what we express or forecast. Furthermore,