Oh, OK! Now it's not important! Why not just hand over the store to the Chi Coms? Listen, look at this book: Mao. Just out, in the library, wherever. You will see why China as a partner is inherently DISASTROUS.
Miller may not be selling much in Asia, but they buy a whole bunch of stuff there. The single largest supplier to Miller is a company called Global Concepts Enterprises Inc. They specialize in overseas procurment, lots of stuff from China. Maybe even from some companies that wouldn't make the "100 Best Companies to Work For " list. Its all in the spin, Miller is actually just like the rest.
I don't know about that momentum. MLHR has for
a while seemed to hang out at these levels
before selling off, and thats in the best of
times. 2004 and 2005, two great years for
MLHR, possibly the best they'll ever see other
than the .com era. What does it get you- MLHR
up 10% for the two year period, SCS up 25% and
HNI up 50%. SCS was a turn around story, HNI
had its also strong fireplace division which
now may hurt it some, and MLHR- I just don't
know, possibly just not enough risk/reward.
For all their sakes they could use an extension
to the capital spending tax breaks which I
believe boosted sales in 2005.
cracker - its not important. the hon purchase seemed to fire up everyones interest in asian op's. what is important is SCS is above 17 and Miller's hanging above 30. Even Knoll having a good year. all are up +20% this year and the momentum seems to be on track.
cracker - why all the interest? there's not a publicly traded home or office furniture mfg that does not have some relationship or interest in China. And most all of the privately held as well. Some are distribution agreements for the Asian market and most have mfg interest in some form. Take a trip to Shanghai and Guong Dong. Just FYI - this is a good thing! Its called due dilligence. Look at the growth in China's economy. It all good my friend. My view on HMI - they are one if not the best of the US-Office furniture companies.
Can you prove it? SC disavows any presence. No one seems to know if miller does, or doesn't. I am talking an actual ownership presence, or joint Mfg. agreement, not just some nebulous marketing or sales "licensing" mumbo jumbo. I work in Mktg in this industry so I know smoke and mirrors! I am talking a concrete, $$$ equity presence... HON seems to be the only one claiming such. I am only interested in the Big 3 on this... HNI SC and Miller.
You'd better consider them the best, because if
only on of the best, pretty much puts the
group even. I mean there's MLHR,SCS,KNL and
privately held Haworth. HNI is moving up to
play with the big boys, but not there yet. In
Canada you have Inscape and Teknion and in
Europe there are 50 or 60 contract companies.
Guess thats why MLHR just buys back shares
and increases dividend. Consolidation in this
country is unlikely, unless they pick up a low
end MITY or the like. And Europe is the
opposite, too fragmented and even higher costs.
I'd be interested to know if MLHR has shifted
any component mfg. to China, even nuts and