Kokuyo to buy office furniture maker HNI India

MUMBAI: Japan’s Kokuyo, which entered India by acquiring the Camlin stationery brand in 2012, is set to buy office furniture manufacturer HNI India from NYSE-listed HNI Corporation to expand its presence in the country. HNI India, with a revenue of Rs 250 crore, operates a 3.5 lakh square feet manufacturing facility in Nagpur, Maharashtra, and employs about 350 people.

HNI is selling its India business to streamline its portfolio. It previously sold its Hong Kong and China units to Kokuyo for $75 million in 2022.

The India deal is part of Kokuyo’s strategy to boost its global turnover to $3.5 billion in five years. Once the HNI India acquisition is completed, the Japanese company will market office chairs, modular office furniture and other workplace solutions under the Kokuyo brand, competing with Haworth, Steelcase, Herman Miller, Godrej, and Featherlite labels in the market.

“India is key to our growth story in Asia. By welcoming HNI India into Kokuyo, we are not only investing in infrastructure, we are investing in people, innovation, and the future of work in one of the world’s most dynamic economies,” said Kokuyo India’s managing officer, Masahiro Fukui. Japanese companies have been actively involved in mergers and acquisitions to establish a presence or expand their operations in India.

In 2012, Kokuyo bought 50% of the publicly-listed Camlin from the founders, the Dandekars, for Rs 366 crore. The Japanese company currently owns 74% of Camlin (now known as Kokuyo Camlin). Shares of Kokuyo Camlin ended at Rs 111 on the BSE on Tuesday. Kokuyo has five plants in India—one in Patalganga, three in Tarapur (both in Maharashtra), and one in Samba in Jammu. On April 18, it acquired additional land and building adjacent to its existing Samba factory to scale up manufacturing.

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