Steelcase Says It Is Buying PolyVision
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Steelcase Inc., the nation’s biggest office furniture maker, said it is buying PolyVision Corp., maker of visual communication products, for about $73 million, or $2.25 a share.
Grand Rapids, Mich.-based Steelcase also would assume about $103 million in the debt.
The deal would expand the variety of communications products Steelcase offers and set the stage for the development of visual technology that complements office architecture and furniture.
PolyVision, based in Norcross, Ga., manufactures and installs visual communication products for the education and corporate markets. It also supplies light-gauge ceramic steel, critical in the manufacture of writing and projection surfaces.
On the American Stock Exchange, PolyVision rose 34 cents to $2.19. Steelcase shares fell 20 cents to $13.44 on the NYSE.
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