La-Z-Boy Announces Completion of Alexvale Acquisition

Furniture World Magazine

La-Z-Boy Incorporated (NYSE: LZB) announced that it completed the acquisition of privately held Alexvale Furniture, Inc. on December 28, 1999, and will begin reporting Alexvale in its consolidated financial numbers for its third quarter ending January 22, 2000. The terms of the transaction called for La-Z-Boy to acquire 100 percent of the outstanding shares of Alexvale from its shareholders. As previously announced on April 12, 1999, Alexvale will operate as a division of La-Z-Boy subsidiary Kincaid Furniture. Founded in 1976, Alexvale Furniture, Inc., has built its reputation on style and fashion, targeting medium price points with department stores and home furnishings retailers. The company markets upholstered furnishings under the Alexvale and Hickory-Fry brand names. Alexvale also imports and markets occasional tables and casegoods as part of its product line. Based in Taylorsville, N.C., Alexvale employs 586 workers and operates from four factories, all in the Catawba Valley of North Carolina. The company reported annual sales of $60 million in fiscal 1999. Headquartered in Monroe, MI, La-Z-Boy is one of the nation's leading manufacturers of upholstered seating and, overall, is currently the third largest U.S. manufacturer of residential furniture. La-Z-Boy manufactures and sells a wide variety of upholstered furniture and casegoods (bedroom, dinning room and occasional furniture) under the major band names La-Z-Boy, Hammary, Kincaid, England/Corsair, Sam Moore, Bauhaus and Centurion. With total employment of approximately 14,000, La-Z-Boy operates 35 manufacturing facilities in the United States, Canada, England, Mexico and Thailand.