Last $37.73 USD
Change Today -0.20 / -0.53%
Volume 66.0K
HNI On Other Exchanges
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New York
As of 2:15 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

408 East Second Street

PO Box 1109

Muscatine, IA 52761

United States

Phone: 563-272-7400

Fax: 563-272-7217

HNI Corporation provides office furniture and hearth products. The company’s office furniture product offering is sold to dealers, wholesalers, national office product distributors, end-user customers, and federal, state and local governments. Products and Solutions Office Furniture The company designs, manufactures and markets a range of office furniture systems and seating across a range of price points. The company’s portfolio includes panel-based and freestanding furniture systems and complementary products, such as seating, storage and tables. It offers a complete line of office panel system products and freestanding desks, classroom solutions, bookshelves and credenzas in order to meet the needs of a wide spectrum of organizations. The company offers various storage options designed either to be integrated into the company’s office systems products or to function as freestanding furniture in office applications. The company’s seating line includes chairs designed for all types of office work. The chairs are available in various frame colors, coverings and a range of price points. The company’s products are sold under the brands: HON, Allsteel, Maxon, Gunlocke, Paoli, HBF, artcobell, Midwest Folding Products, American Desk, basyx by HON, Lamex and ERGO, as well as private labels. Hearth Products The company is a manufacturer and marketer of prefabricated fireplaces, hearth stoves and related products, primarily for the home, which it sells under its widely recognized Heatilator, Heat & Glo, Quadra-Fire, Harman Stove and PelPro brand names. The company’s line of hearth products includes an array of gas, electric and wood burning fireplaces, inserts, stoves, facings and accessories. Heatilator and Heat & Glo are the brand names in the segments of the home fireplace market: vented-gas and wood fireplaces. The company offers pellet-burning stoves and furnaces with its Quadra-Fire, Harman Stove and PelPro product lines which provide home heating solutions. Intellectual Property As of December 28, 2013, the company owned 268 U.S. and 248 foreign patents with expiration dates through 2038 and had applications pending for 24 U.S. and 61 foreign patents. In addition, the company holds 174 U.S. and 463 foreign trademark registrations and has applications pending for 21 U.S. and 12 foreign trademarks. Sales and Distribution: Customers The company sells its office furniture products through five principal distribution channels. The first channel consisting of independent, local office furniture, and office products dealers, specializes in the sale of a range of office furniture and office furniture systems to business, government, education, health care entities, and home office owners. The second distribution channel comprises national office product distributors, including Staples, Inc., Office Max Incorporated, and Office Depot, Inc. These distributors sell furniture along with office supplies through a national network of dealerships and sales offices, which assist their customers with the evaluation of office space requirements, systems layout and product selection and design and office solution services provided by professional designers. These distributors also sell through retail office products superstores. The third distribution channel is corporate accounts. The fourth distribution channel comprises wholesalers serving as distributors of the company’s products to independent dealers, national supply dealers, and superstores. The company sells to the office supply/furniture wholesalers, United Stationers Inc. and S.P. Richards Company. The fifth distribution channel comprises direct sales of the company's products to federal, state, and local government offices. The company's office furniture sales force consists of regional sales managers, salespersons and firms of independent manufacturers' representatives who collectively provide national sales coverage. Office products dealers, national wholesalers and retailers market their products over the Internet and through catalogs published periodically. These catalogs are distributed to existing and potential customers. The company also makes export sales through HNI International Inc. to office furniture dealers and wholesale distributors serving select foreign markets. Distributors are principally located in Latin America, the Caribbean, and the Middle East. Through HNI Hong Kong Limited and BP Ergo Limited, the company manufactures and distributes office furniture directly to end-users and through independent dealers and distributors in greater China, Asia, and India. Hearth & Home Technologies LLC sells its fireplace and stove products through dealers, distributors and company-owned distribution and retail outlets. The company has a field sales organization of regional sales managers, salespersons, and firms of independent manufacturers' representatives. Competition The company competes with large office furniture manufacturers, which cover a substantial portion of the North America market share in the contract-oriented office furniture market, such as Steelcase Inc., Haworth, Inc., Herman Miller, Inc. and Knoll, Inc. The Corporation also competes with a number of other office furniture manufacturers, including The Global Group (a Canadian company), Kimball International, Inc., Krueger International Inc. (KI), Virco Mfg. Corporation and Teknion Corporation (a Canadian company), as well as global importers. The Corporation faces significant price competition from its competitors and may encounter competition from new market entrants. The company competes primarily against a range of manufacturers, including Travis Industries Inc., Comvest Partners (Innovative Hearth Products), Vermont Castings Group, Wolf Steel Ltd. (Napoleon) and FPI Fireplace Products International Ltd. (Regency). History HNI Corporation was founded in 1944. The company, an Iowa corporation, was incorporated in 1944.

 

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HNI Competitors

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Company Last Change
ACCO Brands Corp $6.40 USD -0.02
Herman Miller Inc $30.05 USD +0.05
Knoll Inc $16.92 USD +0.02
Okamura Corp ¥871.00 JPY -12.00
Steelcase Inc $15.20 USD -0.02
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Industry Analysis

HNI

Industry Average

Valuation HNI Industry Range
Price/Earnings 23.8x
Price/Sales 0.8x
Price/Book 3.9x
Price/Cash Flow 20.4x
TEV/Sales 0.7x
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