ST. LOUIS (AP) - Furniture Brands Inc. plans to sell its Hickory Business Furniture unit to HNI Corp. for $75 million.
The all-cash transaction announced Monday is expected to be completed in the first quarter. Furniture Brands officials say Hickory doesn't fit the company's strategic focus on the residential consumer market. HNI is the world's second-largest office furniture maker.Furniture Brands' stock declined 13 cents to $11.31. Shares of HNI Corp. rose 47 cents to $29.07.Furniture Brands is based in St. Louis.
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