HNI Corporation (NYSE: HNI) and its Hearth & Home Technologies business announced the acquisition of the Vermont Castings Group, a leading manufacturer of free standing hearth stoves and fireplaces. The Vermont Castings Group,headquartered in Paris, Kentucky and with plants in Randolph and Bethel, Vermont, has annual revenue of approximately $100 million. According to Vermont Business Magazine, Vermont Castings has about 170 employees in Vermont.
An HNI spokesperson told VBM in an email: "At this point, we will run the Vermont Castings Group as a standalone business unit for a period of time, during which we will focus on bringing our lean manufacturing and logistics expertise to their business, and VCG products will continue to be manufactured at their current locations."
Governor Shumlin at the Randolph foundry last summer. Courtesy photo.
"We're excited about the Vermont Castings Group joining HNI Corporation as part of our Hearth business. Their unique brands, strong customer relationships and quality products are a great fit with our Hearth and Home business," said Stan Askren, Chairman, President and CEO of HNI Corporation.
"We look forward to working with the entire Vermont Castings team and leveraging our lean and marketing expertise to achieve outstanding customer support, and profitable growth for Vermont Castings' channel partners and end-users. We are pleased to welcome the employees and customers of the Vermont Castings Group to the Hearth & Home Technologies family," said Brad Determan, President of Hearth & Home Technologies. "The Vermont Castings Group brands have long and proud histories and we are excited to add these to our industry-leading family of hearth brands."
Ricardo León, President, Vermont Castings Group will continue in his role and report to Brad Determan. The transaction was completed as an all cash transaction and is expected to provide nominal profit contribution in 2014 and positively contribute to 2015 earnings.
VCG makes wood and gas stoves and fireplace inserts in Vermont and Kentucky.
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About HNI Corporation
HNI Corporation is a NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is also the nation's leading manufacturer of hearth products. The Corporation's strong brands have leading positions in their markets. More information can be found on the Corporation's website at www.hnicorp.com.
MUSCATINE, Iowa, Oct. 1, 2014 /PRNewswire/ -- HNI Corporation