by Mairi Beautyman
Over 1,000 employees will be added to the manufacturer’s China operations.
Office furniture manufacturer Steelcase has entered into a definitive agreement to purchase a major player in the Asia Pacific region. With the transaction, announced last Friday, Steelcase will purchase all of the stock of Ultra Group Company Limited, a wholly-owned subsidiary of Ultra Group Holdings, for a cash purchase price of $13.28 million (subject to post-closing purchase price adjustments).


UGCL owns all of the assets associated with the Ultra office furniture business, which both manufacturers and sells seating, desks, systems, and storage products, serving both China and beyond. In March, Ultra’s fiscal year sales revenue was approximately $38.4 million, Steelcase reports. Ultra will continue operating as an independent organization, under the same management team.

Expected to close in the third fiscal quarter of 2014, the deal will bring over 1,000 people to Steelcase’s China operations.

“This acquisition will not only increase our scale of operations and market share in Greater China, but will also provide broader capabilities in distribution, product portfolio, and manufacturing to support the expansion plans of our customers throughout Asia,” says James P. Hackett, Steelcase president and chief executive officer.