HOLLAND — Market uncertainty in Asia combined with negative currency translation effects resulted in a modest increase in global sales for Haworth Inc. this year.
The Holland-based office furniture manufacturer generated $1.82 billion in global sales in 2015, an increase of 1.3 percent compared to 2014’s figures, according to a statement released today. Accounting for foreign currency and acquisitions, the company grew sales by 4.2 percent compared to the previous year.
Despite the “significant” foreign currency issues, Haworth “feels confident in its regional structures, and I think we take a long-term view on the economy and feel we’re well positioned even with foreign exchange,” CFO John Mooney told MiBiz.
While Mooney expects the economy to stabilize in 2016, he said there are “a lot of wildcards” for the upcoming year, including the price of oil and market situation in China.
“Obviously, with the fluctuations in the market, we have to be prudent in how we pursue business around the world,” Mooney said.
In its latest forecast, Grand Rapids-based Business Institutional Furniture Manufacturer's Association (BIFMA) increased its 2016 projections for the office furniture industry to $10.6 billion. BIFMA’s forecast, which is prepared by IHS Global Insight, also projects production levels to grow to 4.2 percent in 2016.