Herman Miller to buy POSH Office Systems

ZEELAND, Mich.

Herman Miller Inc. is buying Hong Kong office furniture maker POSH Office Systems Ltd. for an undisclosed amount in order to gain access to the Chinese market and broaden its geographic reach.

"With an expanded product offer through POSH, we can also look beyond China to other markets and customers we're not presently serving," Herman Miller President and CEO Brian Walker said in a statement.

The office furniture maker said Friday that the deal will likely include an upfront cash payment due at closing and a performance-based payment that will be paid later.

Aside from office furniture, POSH makes and distributes freestanding furniture, seating, and filing and storage systems. The company has 1,200 workers and five showrooms and had about $50 million in revenue in 2010.

Herman Miller's stock gained 30 cents to $25.86 in afternoon trading.