Steelcase to acquire PolyVision for 0.48 times revenue

Weekly Corporate Growth Report, Sep 3, 2001

The Deal: Steelcase Inc. has agreed to purchase PolyVision Corp. for $73 million. According to terms of the deal, Steelcase will also assume $103 million of PolyVision debt. The addition of PolyVision will add chalkboards to Steelcase's product line.

Discussion: PolyVision makes information display products for schools and offices, including chalkboards, markerboards, electronic whiteboards and projection screens. It also makes wood and plastic laminate products. One division makes the light-gauge ceramic steel used for writing surfaces and construction projects. Its commercial unit makes indoor and outdoor menu boards and merchandising displays used by fast-food outlets, stores and banks.

Steelcase is the world's largest manufacturer of office furniture. The company makes a wide variety of products, from file cabinets and adjustable chairs to entire office furniture systems, under brands such as Avenir, Criterion, Sensor and Turnstone. Steelcase also offers services such as work-space planning and furniture leasing. Steelcase operates about 35 manufacturing sites, mostly in North America, with other facilities and subsidiaries around the world.