| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Steelcase, Inc. |
| 901 44th Street, Grand Rapids, MI 49508 * (616) 246-9600 |
| Steelcase Inc. is the world's largest manufacturer and provider of office furniture, office furniture systems and related products and services. |
| Manager | Tier | Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Morgan Stanley Dean Witter Discover & Co. | Co-manager | (212) 761-5900 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| NYSE: | SCS | Manufacturing: | SIC 2522 | |
| Type of Shares: | Class A Common Shares | Filing Date: | 12/5/97 | |
| U.S. Shares: | 9,720,000 | Offer Date: | 2/17/98 | |
| Non-U.S. Shares: | 2,430,000 | Filing Range: | $27.00 - $28.50 | |
| Primary Shares: | 0 | Offer Price: | $28.00 | |
| Secondary Shares: | 12,150,000 | Gross Spread: | $1.61 | |
| Offering Amount: | $337,162,500 | Selling: | $0.95 | |
| Expenses: | $0 | Reallowance: | $0.10 | |
| Post-IPO Shares: | - | |||
| Employees: | 15800 |
| Issuer's Law Firm: | Cravath, Swaine & Moore |
| Bank's Law Firm: | Sullivan & Cromwell |
| Registrar/Transfer Agent: | BankBoston |
| Auditor: | BDO Seidman |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 2/28/97 | 8/29/97 | 8/23/96 | 8/29/97 | ||
| Revenue: | $2,408.40 | $1,358.50 | $1,152.10 | Assets: | $2,064.80 |
| Net Income: | $27.70 | $113.60 | $67.60 | Curr Assets: | $953.00 |
| EPS: | Liabilities: | $614.90 | |||
| Prior EPS: | $195.70 | $145.40 | Curr Liab: | $419.10 | |
| Cash Flow/Oper: | $80.80 | -$29.90 | -$19.90 | Equity: | $1,449.90 |
| Cash Flow/Fin: | -$40.40 | -$67.30 | -$76.90 | Cash: | $272.50 |
| Cash Flow/Inv: | -$75.40 | Working Cap: | $533.90 | ||
| Competition |
| The office furniture market is highly competitive, with a number of competitors offering similar products. In the contract segment of the market, companies compete primarily on price, delivery and service, product design and features, quality and the relationships developed between dealers and customers. The Company's most significant competitors in its primary markets are Herman Miller, Haworth, Knoll, Kimball and, in certain market segments, Hon. Together, these companies represent a substantial portion of the market share of the overall office furniture market. The Company also competes with many other companies in specific product categories. In Europe, which is a highly competitive, fragmented market, Steelcase Strafor generally competes with other European-based enterprises with a significant European presence, including the Samas-Groep N.V. The Company also manufactures and sells office furniture in other parts of the world through wholly owned operations, joint ventures, licensing arrangements and independent dealerships. The Company does not have a significant share of the market in any of the countries in which it offers its products outside the United States, Canada and Europe. The office furniture market in most of these countries is highly competitive, price sensitive, fragmented and served primarily by local companies. The Company's major competitors in the non- European international markets generally are other North American office furniture companies such as Herman Miller, Haworth and Teknion Inc., although the Company does encounter local competition in most markets. |
| Business Plan |
| The company's objectives are to strengthen its industry leadership position and increase its revenues and profitability. To achieve these objectives, the Company will: (I) Focus on Product Innovation, (ii) Pursue New Market Opportunity--Pathways, (iii) Leverage Installed Base Through Knowledge of Work, (iv) Leverage Dealer Network and Increase Sales Opportunities, (v) Pursue Strategic Acquisitions, Joint Ventures and Alliances and (vi) Enhance Global Presence. |
| Use of Proceeds |
| The proceeds from the proposed offering will be distributed to selling shareholders. |
| Officer Name | Title | Age |
| Robert C. Pew II | Chairman of the Board and Director | 74 |
| Robert C. Pew III | Director | 46 |
| Peter M. Wege II | Director | 48 |
| Robert A. Ballard | Executive Vice President--Business Operations | 62 |
| Jon D. Botsford | General Counsel and Secretary | 43 |
| William P. Crawford | President and Chief Executive Officer--Steelcase Design Partnership and Director | 54 |
| James P. Hackett | President, Chief Executive Officer and Director | 42 |
| Alwyn Rougier-Chapman | Senior Vice President--Finance, Chief Financial Officer and Treasurer | 58 |
| James G. Mitchell | Senior Vice President--Sales, Marketing and Dealer Alliances | 48 |
| James R. Stelter | Senior Vice President--Wood Furniture and Turnstone | 42 |
| Peter M. Wege | Vice Chairman of the Board and Director | 77 |
| John L. Stasiw | Vice President and General Manager--Steelcase International | 43 |
| Richard B. Yeates | Vice President and General Sales Manager | 37 |
| Ann C. Jarvis | Vice President--Advanced Concepts and Design | 51 |
| James P. Keane | Vice President--Corporate Strategy and Development | 38 |
| Nancy W. Hickey | Vice President--Delaer and Customer Alliances | 46 |
| Robert W. Black | Vice President--Marketing | 38 |