Steelcase Buys Out Malaysian JVE

May 27, 2005
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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 Malaysia.) The exchange rate is RM3.80 equals $1U.S.

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 Puchong, Malaysia. The facility is ISO 9001 certified and all its products meet ANSI, BIFMA and British Standard criteria.

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 Malaysia’s Securities Commission.

The transaction is expected to be complete by Oct. 31.    

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