Herman Miller Settles Nemschoff Acquisition Contingencies

Herman Miller, Inc. MLHR, today announced that it has reached an agreement to settle the remaining contingency-based purchase price elements of its acquisition of Nemschoff Chairs, LLC. The settlement was agreed to by the former shareholders of Nemschoff, including Mark Nemschoff, who has been a member of the Company's board of directors since the June 2009 acquisition. Under the agreement, the Company will pay additional cash consideration of $3 million in exchange for the cancellation of the remaining contingent components of the acquisition purchase price. Specifically, the agreement cancels the Company's outstanding obligations related to Contingent Value Rights tied to shares of the Company's common stock currently owned by the former Nemschoff shareholders and also eliminates all remaining contingent consideration related to sales performance of the acquired business.