Office furniture maker Herman Miller agreed to buy Hong Kong-based peer POSH Office Systems Ltd for an undisclosed amount. Herman Miller said the purchase price for POSH Office, which had sales of about $50 million in 2010, is expected to include an upfront cash payment and a performance-based payment at the conclusion of an earn-out period. Herman Miller, which posted more than $1.3 billion in sales for fiscal 2010, expects this acquisition to be completed in the first quarter of fiscal 2012.
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