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Published: Saturday, 4/30/2005

La-Z-Boy Inc. completes sale of furniture unit

MONROE, Mich. - Furniture maker La-Z-Boy Inc. said yesterday it has completed the sale of its contract furniture unit to Best Home Furnishings Inc., a family owned company in Ferdinand, Ind. Terms of the sale, which were initiated by Best Home, were not immediately announced.

Mark Stegeman, La-Z-Boy treasurer, said the contract unit makes furniture, primarily chairs, used by the office building market and the health care industry. Best Home is acquiring La-Z-Boy's plant in Leland, Miss., which employs 240 workers, and the move also affects between 25 and 30 salaried employees at La-Z-Boy's headquarters in Monroe.

The sold unit, which La-Z-Boy has operated since 1971, was not part of the company's core industry, residential furniture, and had never generated large revenues for the firm, Mr. Stegeman said.

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