In today’s briefing:
- HNI Announces Acquisition of Kimball International; Focus on Strategic and Cultural Alignment
- Fortive Corporation: Major Drivers
- Transformed Fulfillment Model Driving Results
HNI Announces Acquisition of Kimball International; Focus on Strategic and Cultural Alignment
- Before market open on March 8, HNI announced the acquisition of Kimball International (NASDAQ: KBAL), a smaller competitor of HNI’s Workplace Furnishings segment.
- HNI will pay about $485 million, consisting of cash ($9/KBAL share), stock (0.1301 HNI/KBAL share), and ~$46 million in KBAL net debt.
- We see the deal as an excellent fit on strategic and cultural levels.
Fortive Corporation: Major Drivers
- Fortive delivered its fourth consecutive all-around beat and managed to report core revenue growth, operating margin expansion, adjusted earnings per share growth, and free cash flow growth.
- IOS grew core revenue, representing its double-digit core revenue growth.
- In the quarter, strong end-market demand drove revenue growth of double-digit EMEA SaaS.
Transformed Fulfillment Model Driving Results
- DistributionNOW is reaping the rewards of the steps management began taking a couple of years ago to transform its fulfillment model.
- A client-focused global technical sales force aims to make DistributionNOW a strategic partner with customers to help them manage their energy supply chain.
- The fulfillment model, if built around Supercenters, combines multiple business lines into a single location, making it easier to work with both suppliers and customers.
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