The Board of Directors of Herman Miller, Inc., approved an additional $100 million authorization for share repurchases. The company recently completed $50 million of share repurchases that were authorized on September 27, 1999, which represented the eighth authorization during the past six years. The new share repurchase is possible because of increased cash flow, according to Mike Volkema, chief executive officer of the Grand Rapids, Michigan, furniture giant. He emphasized that major production and efficiency increases occurred while the business grew 79 percent from $1.08 billion in 1995 to $1.94 billion in fiscal 2000. Beth Nickels, chief financial officer, adds, “This new authorization reflects the Board and management’s view that we will continue to generate cash flow sufficient to fund both the investments required to execute our strategy and to continue repurchasing our stock.”
Based on a report from officeinsightTM
