HNI Corp Acquires Vermont Castings Group
On October 01, 2014, In Industry News by Greg Thompson
MUSCATINE, IA - HNI Corporation, and its Hearth & Home Technologies business, has acquired Vermont Castings Group, a leading manufacturer of free standing hearth stoves and fireplaces. The Vermont Castings Group has annual revenue of approximately $100 million.
“We’re excited about the Vermont Castings Group joining HNI Corporation as part of our Hearth business,” said Stan Askren, chairman, president and CEO of HNI Corporation. “Their unique brands, strong customer relationships and quality products are a great fit with our hearth strategy and hearth brand portfolio.”
“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,” said Brad Determan, president of Hearth & Home Technologies. “We are pleased to welcome the employees and customers of the Vermont Castings Group to the Hearth & Home Technologies family,” “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 Casting Group, will continue in his role and report to 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.
