Lamex Office Furniture

Lamex Office Furniture
Wallpaper Title: Lamex Office Furniture admin   −   August 3, 2017 News
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Lamex Office Furniture

Since HNI’s core product is office furniture, its revenues are heavily influenced by new office construction or renovation as well as employment growth or decline. In an economic downcycle, office properties see slower growth, and this hurts HNI’s overall sales. HNI has countered slow U.S. sales with an expansion effort overseas. In 2006 HNI acquired Lamex, a Chinese manufacturer of office furniture, in order to take advantage of the Chinese market for office furniture that is at $3B and growing. As HNI tries to gain share in international markets, however, it faces challenges in its domestic market- the percentage of office furniture imports to the U.S. (as a percentage of total consumption) increased from 14% to 19%, while exports stayed at around 3%-4%. Low-cost imports from Asian countries, especially China, threaten to take away HNI’s strength, its ability to sell products at lower cost than other domestic competitors..
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Lamex Office Furniture

HNI mainly sells its office furniture products through dealers, wholesalers, and retail superstores to government, education and health care organizations, large corporations, small businesses and individual consumers. Individual consumers and small businesses buy HNI’s products through retail superstores such as Staples, Officemax (OMX), Office Depot (ODP), and Corporate Express, while large government and corporate accounts are mostly handled by office furniture dealers. HNI’s revenues are split fairly evenly between the two main types of office furniture customers – the contract segment and the commercial segment. The contract segment includes large corporations that buy office furniture for new office facilities, relocations and office redesigns. These customers often need custom-designed furniture. The commercial segment includes smaller orders of office furniture purchased by small businesses and home office users. The office furniture market is influenced by the general economic outlook, corporate profits, new office construction and white-collar employment.
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Lamex Office Furniture

The economic slow down caused by the 2007 subprime mortgage crisis has lead to decreasing corporate profits, especially for banks and real estate firms. This will affect the demand for office furniture, as office furniture purchases depend heavily on new office construction, renovation and employment.
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Lamex Office Furniture

Hero Images: Our Furniture BrandsHNI is a leading global office furniture company. Our brands are among the strongest, most widely known and respected in our industry. The depth and breadth of our brands, the scale and capability of our manufacturing and the strength of our distribution enables us to provide the best office furniture solutions to meet the needs of every customer – from the largest multinational organizations to the local entrepreneur.
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Lamex Office Furniture

Our Furniture BrandsHNI is a leading global office furniture company. Our brands are among the strongest, most widely known and respected in our industry. The depth and breadth of our brands, the scale and capability of our manufacturing and the strength of our distribution enables us to provide the best office furniture solutions to meet the needs of every customer – from the largest multinational organizations to the local entrepreneur.
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Lamex Office Furniture

HNI is a leading global office furniture company. Our brands are among the strongest, most widely known and respected in our industry. The depth and breadth of our brands, the scale and capability of our manufacturing and the strength of our distribution enables us to provide the best office furniture solutions to meet the needs of every customer – from the largest multinational organizations to the local entrepreneur.
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Lamex Office Furniture

HNI Corporation (NYSE:HNI) is the second-largest maker of office furniture in the world with a 16% market share of the industry. It is also the largest manufacturer of fireplaces and stoves, capturing 30% share of the $1.5 billion U.S. hearth products market. The sale of office furniture accounted for the majority (83%) of HNI’s total revenue, while sale of hearth products made up the remaining 17%.
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Lamex Office Furniture

The percentage of office furniture imports to the U.S. (as a percentage of total consumption) increased from 14% to 19%, while exports stayed at around 3%-4%. This trend is expected to continue as low-cost imports from Asian countries, especially China, rise. As HNI’s primary strength is their ability to sell their products at a lower cost than domestic competitors, these low-cost imports will compete with HNI’s share of the U.S. market.

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