The transaction is expected to be completed by the end of April, as is subject to the approval of competent antitrust authorities. Haworth will then launch a public tender offer on the remaining shares at the same price of 2.96 euros. Haworth has been a partner of Poltrona Frau Group for North America since 2011.
Haworth, a Michigan-based company that remains 100 percent family owned, also announced that its 2013 global sales reached $1.4 billion, a 7.3 percent increase over 2012 sales.
“Our family is very excited about this opportunity," said Matthew Haworth, chairman of Haworth. "This transaction is not only inspired by the strong performance of the Poltrona Frau Group and what we believe to be highly complementary strategies, but even more importantly, by the great alignment of the values shared by both our families.”
Poltrona Frau, an Italian furniture company that celebrated its 100th anniversary in 2012, is known for iconic designs such as the Vanity Fair chair. Contract featured the Poltrona Frau Museum in its December issue.
“This is for me the realization of a big dream, the creation of the most important global operator in the industry of luxury furnishing that will bring great benefits to the international development of the Group and the consequent growth of our factories and manufacturing sites," says Franco Moschini, president of Poltrona Frau. "This is the crowning achievement of this extraordinary year in which I conclude my first 50 years as president by signing an agreement with another great family of entrepreneurs, in respect of those founding principles that have always characterized our great company."