Steelcase Buys Out Malaysian JVE
GRAND RAPIDS — Steelcase Inc., the world’s largest office furniture manufacturer, is in the midst of acquiring full ownership of its Malaysian joint venture facility, Steelcase Artwright Manufacturing.
Steelcase in 2002 acquired a 25 percent stake in Artwright Holdings’ manufacturing facility for RM16.63 million (Ringgit
This week, the 40-year-old Malaysian furniture company announced that it would sell its entire stake in the facility to Steelcase for RM17.067 million.
All Artwright products are manufactured in the fully automated, 40,500-square-meter facility in
According to an Artwright press release, the move will allow the company to settle a $4.38 million loan to Steelcase and all outstanding interest due, allowing it to meet new guidelines imposed by
The transaction is expected to be complete by Oct. 31.