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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 3, 1999
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STEELCASE INC.
(Exact name of registrant as specified in its charter)
Michigan 1-13873 38-0819050
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
901 44th Street, Grand Rapids, Michigan 49508
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (616) 247-2710
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Items 1-4. Not applicable.
Item 5. Other Events.
On February 3, 1999, Steelcase Inc., a Michigan corporation (the
"Company"), issued a press release (the "Press Release") announcing that it had
reached an agreement in principle with Strafor Facom S.A. ("Strafor") to
purchase Strafor's 50 percent ownership interest in Steelcase Strafor S.A., a
European joint venture between Steelcase and Strafor. The Press Release is
attached hereto as Exhibit 99 and is incorporated herein by reference.
Item 6. Not applicable.
Item 7. Financial Statements and Exhibits.
(a)-(b) Not applicable.
(c) Exhibits.
99 Press Release issued by Steelcase Inc., dated
February 3, 1999.
Item 8. Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: February 17, 1999 STEELCASE INC.
By: /s/ A. Rougier-Chapman
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Alwyn Rougier-Chapman
Senior Vice President - Finance
Chief Financial Officer and
Treasurer
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EXHIBIT INDEX
Exhibit No. Description
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99 Press Release issued by Steelcase Inc., dated February 3, 1999.
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Exhibit 99
STEELCASE INC. TO ACQUIRE 100
PERCENT OF STEELCASE STRAFOR;
ISSUES CAUTION FOR 4TH QUARTER
Acquisition Strengthens Steelcase's Global Leadership
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GRAND RAPIDS, Mich., February 3, 1999 - Steelcase Inc. has reached an agreement
in principal with Strafor Facom S.A. on the purchase of its 50 percent ownership
of Steelcase Strafor S.A., a European joint venture formed by the two companies
in 1974. The transaction, expected to be completed by mid-April, is subject to
negotiation of definitive agreements, due diligence, receipt of required
government approvals and other contingencies.
"This is a very important event in the history of our company as the Steelcase
brand truly becomes an icon worldwide. This acquisition enables our company to
further our aspiration to transform the ways people work, helping individuals
and the organizations that employ them around the world to work more
effectively. We see strong potential to grow our market share in Europe and look
forward to this opportunity to further leverage our capabilities there," says
James P. Hackett, Steelcase president and chief executive officer.
With annualized revenues in excess of $600 million, Steelcase Strafor serves
European and North African markets with 15 manufacturing facilities in six
countries. Steelcase Strafor has experienced double-digit growth in revenues in
the first nine months of calendar year 1998. The company has the leading
industry market share in France, and in December 1998, it acquired Werndl
BuroMobel AG, the second-largest wood office furniture company in Germany.
"Building on the extensive knowledge and expertise developed during our 25 years
of partnership with Strafor Facom, Steelcase is now uniquely positioned to
support the growing number of customers who want to do business globally. The
business structure will also allow us to meet the diverse needs of local
customers in many countries and regions," Hackett continues.
"Steelcase and Steelcase Strafor share a common history and culture of trust,
and they have unique skills in the industry," says Paul Marie Chavanne, chairman
of Strafor Facom. "We believe Steelcase Strafor will be greatly strengthened
with Steelcase as the 100-percent shareholder, while Strafor Facom will be
better positioned to pursue its strategy to focus on hand tools and small
equipment markets."
With headquarters in Strasbourg, Steelcase Strafor is led by Dominique Artaud,
president. The company has approximately 4,500 employees and a network of
independent dealers in more than 170 locations. "While this announcement is
positive news with regard to our long-term growth strategy, current conditions
compel us to also issue caution around analysts' current fourth-quarter
expectations," says Alwyn Rougier-Chapman, chief financial officer. "Orders in
late December and January were lower than anticipated, and, as a result, we
expect our fourth-quarter
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net income to be below the range of current expectations of $0.32 - $0.35 per
share. It's become evident that this slowdown is being experienced industry-wide
due to general economic conditions. While we continue to closely manage our cost
structure, fourth-quarter gross margins will continue to be below the level we
experienced in the first half of the year."
Steelcase is the world's preeminent designer and manufacturer of products used
to create high-performance work environments. The company portfolio includes
office furniture, furniture systems, interior architectural, technology products
and related products and services. Fiscal 1998 worldwide consolidated sales,
including those of joint ventures, were $3.3 billion. The company, its
subsidiaries and joint ventures employ over 20,000 people worldwide.
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