Last $33.54 USD
Change Today -1.18 / -3.40%
Volume 782.9K
As of 8:04 PM 04/17/14 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 designs, manufactures, and markets office furniture and hearth products primarily in the United States. Products and Solutions Office Furniture The company offers a range of office furniture systems and seating across a range of price points. Its portfolio includes panel-based and freestanding furniture systems and complementary products, such as seating, storage, and tables. It offers a line of office panel system products and freestanding desks, classroom solutions, bookshelves, and credenzas to meet the needs of a spectrum of organizations. The company offers various storage options designed either to be integrated into its office systems products or to function as freestanding furniture in office applications. The company’s seating line includes chairs designed for various types of office work. The chairs are available in various frame colors, coverings, and a range of price points. Its products are sold under its brands, including HON, Allsteel, Maxon, Gunlocke, Paoli, HBF, Artco Bell, Midwest Folding Products, LSI Corporation of America, basyx, Lamex, and ERGO, as well as private labels. Hearth Products The company manufactures and markets prefabricated fireplaces, hearth stoves, and related products in North America, primarily for the home, which it sells under its 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 serve the two segments of the home fireplace market, vented-gas and wood fireplaces. The company offers ‘direct vent’ fireplaces, which replace the chimney-venting system used in traditional fireplaces with a vent through the roof or an outer wall. In addition, the company offers pellet-burning stoves and furnaces with its Quadra-Fire, Harman Stove, and PelPro product lines, which provide home heating solutions using renewable fuel. Strategy The company’s strategy has a dual focus, including working continuously to extract new growth from its core markets while identifying and developing new, adjacent potential areas of growth. Product Development The company invested approximately $26.9 million during the year ended December 29, 2012. Intellectual Property As of December 29, 2012, the company owned 289 U.S. and 231 foreign patents with expiration dates from 2013 to 2033 and had applications pending for 20 U.S. and 56 foreign patents. In addition, the company holds 174 U.S. and 395 foreign trademark registrations and has applications pending for 16 U.S. and 10 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. It also competes with other office furniture manufacturers, including The Global Group (a Canadian company); Kimball International, Inc.; Krueger International Inc.; Virco Mfg. Corporation; and Teknion Corporation (a Canadian company). The company also competes primarily against a range of manufacturers, including Travis Industries Inc.; Comvest Partners (Innovative Hearth Products); Riverside Company (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 $6.14 USD +0.13
Daiken Corp ¥263.00 JPY +1.00
Herman Miller Inc $30.48 USD +0.07
Nortek Inc $81.75 USD +0.75
Steelcase Inc $16.79 USD -0.36
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Industry Average

Valuation HNI Industry Range
Price/Earnings 21.0x
Price/Sales 0.7x
Price/Book 3.4x
Price/Cash Flow 18.1x
TEV/Sales 0.6x

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