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HNI CORPORATION

(HNI)
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HNI Corporation : to Open Seating Manufacturing Facility in Saltillo, Mexico

09/02/2021 | 04:31pm EST

HNI Corporation (NYSE: HNI) announced it is opening a new office furniture manufacturing plant in Saltillo, Mexico. The facility will provide additional capacity to meet HNI’s growing customer demand for office seating. Contingent upon regulatory approvals, the new 160,000 square foot facility is expected to employ an additional 250 workers and will begin production in the first quarter of 2022. The plant will be located in the Mencorsa Industrial Park, Colonia San Jose de los Cerritos. HNI plans to continue increasing staffing levels at the Corporation’s other primary manufacturing locations in North America.

HNI is partnering with American Industries to help establish the Mexican operation. American Industries, a Mexican company established in 1976, has helped over 200 international companies successfully start up and grow their manufacturing and distribution operations in Mexico. HNI is also working closely with the local government of Coahuila state which is committed to fostering a positive business environment in Saltillo.

“This is an important investment for HNI,” said Kevin Hoban, Vice President of Manufacturing for HNI. “The additional equipment, labor force, and supply chain capacity we are creating in Saltillo will help us respond to strengthening demand. We are pleased to be working with the Coahuila government and American Industries and appreciate their support of this important project.”

About HNI Corporation

HNI Corporation (NYSE: HNI) is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation’s leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories. More information can be found on the Corporation’s website at www.hnicorp.com.

Forward-Looking Statements

This release contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, and expectations for sales growth. Forward-looking statements can be identified by words including “expect,” “believe,” “anticipate,” “estimate,” “may,” “will,” “would,” “could,” “confident”, or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation’s actual future results and performance to differ materially from expected results. A description of these risks and additional risks can be found in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.


© Business Wire 2021
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Financials (USD)
Sales 2021 2 178 M - -
Net income 2021 69,9 M - -
Net Debt 2021 - - -
P/E ratio 2021 25,0x
Yield 2021 -
Capitalization 1 721 M 1 721 M -
Capi. / Sales 2021 0,79x
Capi. / Sales 2022 0,70x
Nbr of Employees 7 500
Free-Float 98,8%
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Technical analysis trends HNI CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 2
Last Close Price 39,51 $
Average target price 49,67 $
Spread / Average Target 25,7%
EPS Revisions
Managers and Directors
Jeffrey D. Lorenger Chairman, President & Chief Executive Officer
Marshall H. Bridges Chief Financial Officer & Senior Vice President
Kris Rao Chief Information & Digital Officer, VP
Larry B. Porcellato Lead Independent Director
Cheryl A. Francis Independent Director
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