(AP) GRAND RAPIDS, Mich.
\nOffice furniture maker Steelcase Inc. said Wednesday it acquired privately held health care furnishings manufacturer
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\nSoftcare Innovations Inc., as part of Steelcase’s strategy to grow its new health care division.<\/p>\n
Waterloo, Ontario-based Softcare, which has 50 employees, makes patient room furnishings and health care seating products. It generated $18.9 million in revenue in 2012, said Steelcase spokeswoman Debra Bailey.<\/p>\n
Bailey declined to say how much Steelcase paid for the acquisition. The deal includes Softcare’s sister company, DJRT Manufacturing Inc., which is also based in Waterloo.<\/p>\n
Steelcase plans to grow its new health care unit, Nurture by Steelcase, through the acquisition.<\/p>\n
“We’ve already integrated healthcare-related products and services from Steelcase companies under the Nurture umbrella,” said Nurture unit president, Michael Love, in a statement. Softcare’s broad product line, prices and market focus compliment Nurture’s offerings, he added.<\/p>\n
Softcare will continue to be headquartered in Waterloo and will retain its management, name and day-to-day operations. The unit’s products will be sold through its existing sales network and through authorized Steelcase dealers.<\/p>\n
Steelcase has about 13,000 employees, and recorded about $2.9 billion in sales in fiscal 2013.<\/p>\n
Shares of Steelcase fell 40 cents, or 2.7 percent, to $14.31 in afternoon trading on the New York Stock Exchange. The stock has traded in a 52-week range of $13.22 to $19.29 and is down 7 percent since the beginning of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
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