Haworth announced on 25 February that it had acquired a majority shareholding in Tayco, a Toronto-based maker of office furniture and casegoods, for an undisclosed sum.
Why Haworth Inc. is buying Tayco
Haworth chief executive Franco Bianchi said bringing Tayco's 50 years of manufacturing expertise into Haworth's network would give dealers more product options, more manufacturing flexibility and a stronger competitive position. Tayco makes office furniture, work systems, storage, casegoods, tables and seating and already sells to US customers through its own dealer network; Haworth dealers will now also be able to sell its products.
Deal terms and financing
Haworth acquired a majority shareholding; financial terms were not disclosed. Tayco keeps its leadership team under president Bill Melnik, its business model and its open-line approach, with no changes to products, programmes or dealer relationships, OfficeInsight reported.
Regulatory approvals and timing
The acquisition was completed at the time of the announcement.
Market context
Haworth, founded in 1948, operates in more than 150 countries through about 400 dealers and 8,000 employees and reports sales of $2.57bn. Tayco was founded in 1976.
