Furniture Brands to Buy 3 LifeStyle Units
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Furniture Brands International Inc., maker of the Broyhill, Lane and Thomasville lines, agreed to buy Henredon Furniture Industries, Drexel Heritage Furnishings and Maitland-Smith for $275 million to gain more high-end brands.
The No. 2 U.S. furniture maker will pay $175 million in cash and $100 million in stock to buy the three units from closely held LifeStyle Furnishings International Ltd. Henredon Furniture makes the Ralph Lauren Home Collection and Drexel Heritage has its own chain of stores. Maitland-Smith is a maker of antique-inspired furniture and accessories.
Shares of Furniture Brands rose $2.18, or 8%, to $28.42 on the New York Stock Exchange.
After the purchase closes, Furniture Brands will be the only maker of a full line of middle-and higher-priced furniture categories, Chief Executive Mickey Holliman said.
High Point, N.C.-based LifeStyle will be left with nine furniture brands, including Beacon Hill and Lexington.
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