GREEN BAY, Wis.— KI announced today that it has entered into a binding agreement to purchase Sebel Furniture Limited (Sebel) from GWA Group Ltd, Australia's leading supplier of building fixtures and fittings to households and commercial properties. Sebel Furniture is the leading manufacturer and supplier of educational furniture in Australia with operations in New Zealand, the United Kingdom and Hong Kong.
“We're thrilled with the acquisition of Sebel Furniture,” says Dick Resch, CEO of KI. “It's an acquisition that is consistent with KI's international growth strategy and supports KI's leadership positioning in the education market."
Under the agreement, Sebel Furniture will continue to operate as a standalone division of KI. Sebel Furniture will maintain its product portfolio of education furniture solutions, which will continue to be marketed and manufactured—along with select KI products—in its current markets and territories. Sebel Furniture management and staff will remain in place and unaffected by this acquisition.
The sale agreement is subject to Australia’s customary closing conditions and is expected to be completed by the end of September 2011.