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Sunday, 28 April 2013 23:51

MiBiz Growth Report: April 29, 2013

Written by  MiBiz Staff
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This is the MiBiz Growth Report for April 29, 2013.

• M&A: Zeeland-based Herman Miller Inc. (Nasdaq: MLHR) announced in a release that it was acquiring New York City-based Maharam Fabric Corp., a designer and provider of textiles for commercial interiors, for $156 million in cash. The acquisition was expected to close April 29 and immediately be accretive to Herman Miller’s earnings. Maharam, a family-owned company founded in 1902, had annual revenues of $105 million last year and employs 250 people. The company lists a Grand Rapids location on its website. Herman Miller said the acquisition will help accelerate its product development and give the contract furniture maker new opportunities in the consumer and specialty markets.

M&A: Kalamazoo-based advanced tooling manufacturer Forrest Co. was acquired by financial buyer and veteran manufacturing executive Krieg Lee in a transaction facilitated by Rua Associates LLC, the company said in a statement. The seller was advised by Kreis Enderle Hudgins & Borsos PC and wealth management adviser Jerry Schutte of Northwestern Mutual. The buyer was represented by Miller, Canfield, Paddock and Stone PLC. Both the buyer and the seller used Keystone Community Bank for the transaction.

Expansion: Grand Rapids Chair Co. received a $200,000 performance-based grant from the MEDC for its plan to invest $2.5 million and create 50 new jobs by relocating from 625 Chestnut SW to a new location at 1250 84th Street in Byron Township, according to a statement. The grant will go toward additional worker training for new hires.

• Expansion: Calumet City, Ill.-based Kay Manufacturing Co. plans to invest $9.3 million to expand its operations into a 120,000-square-foot facility in St. Joseph Charter Township, creating 80 jobs, according to a report on WNDU.com. The company is a provider of precision machining services for automotive subassemblies. The Michigan Strategic Fund awarded Kay a $350,000 Michigan Business Development Program Incentive. The company also received an abatement from the township.

Read 1986 times Last modified on Tuesday, 30 April 2013 10:43

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