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LA-Z- BOY INCORPORATED ACQUIRES CENTURION FURNITURE OF ENGLAND

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La-Z-Boy Incorporated announced that it has completed the acquisition of Centurion Furniture PLC, a manufacturer of upholstered furniture based in Lancashire, England. The acquisition began with an initial investment in May 1996. A La-Z-Boy licensee since January 1992, Centurion, together with La-Z-Boy, helped stimulate the development of the recliner market in England. As a wholly owned subsidiary of La-Z-Boy, the company will maximize the market position already held by La-Z-Boy to increase awareness of and acceptance for the motion furniture category. "Centurion has a strong reputation as a manufacturer of high quality, competitively priced products that provides first class service to its customers," said Charles T. Knabusch, chairman and president of La-Z-Boy Incorporated. "We are extremely pleased to have them as a part of the La-Z-Boy family of companies and anticipate a mutually beneficial and long-lasting relationship." Reflecting La-Z-Boy's corporate vision to be regarded globally as a premier furniture provider in all market segments in which it competes, the merger with Centurion creates a strategic platform for further development of the company's international business. La-Z-Boy paid £2.8 million in cash (approximately $4.6 million) and La-Z-Boy stock valued at £700,000 (approximately $1 .1 million) for a total purchase price of £3 .5 million or $5.7 million. Headquartered in Lancashire, England, Centurion Furniture manufactures traditional and modern leather upholstered furniture, as well as La-Z-Boy motion furniture. The company operates two manufacturing divisions and serves more than 150 customers in the European marketplace. Based in Monroe, Mich., La-Z-Boy Incorporated is a manufacturer of residential and business furniture. It is the largest manufacturer of upholstered furniture in the United States and the world's leading producer of reclining chairs. With annual sales of $1 billion, the company employs 11,200 people, has 27 facilities and operates seven divisions: La-Z-Boy Residential, La-Z-Boy Contract, La-Z-Boy Canada, Centurion Furniture PLC, England/Corsair, Hammary Furniture Co. and Kincaid Furniture Co.

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