La-Z-Boy gets another $1.4 million in duties
Based on arrangement with former subsidiary
Heath E. Combs -- Furniture Today, January 8, 2010
MONROE, Mich. — La-Z-Boy has received an additional $1.4 million in antidumping duties from an arrangement with a previously owned subsidiary, according to a Securities and Exchange Commission filing this week.
The duties are in addition to the $3 million that the company already has reported receiving, which it will include in its fiscal third quarter earnings.
The latest SEC filing didn't identify the previously owned subsidiary, although the company has spun off its American of Martinsville and Pennsylvania House brands in recent years.
Pennsylvania House has not received any antidumping funds since their disbursement. American of Martinsville, one of the petitioners in the antidumping case, received $2.4 million in duties this year.
La-Z-Boy officials were unavailable for comment.
The duties are designed to offset the injury that Chinese producers have done to the U.S. industry by charging below-market prices on wood bedroom furniture shipments.
The total would bring La-Z-Boy's payment to about $4.4 million. A year ago, it received $8.1 million in antidumping duty money.
Two years ago, the U.S. Congress repealed the controversial Byrd amendment, the provision that has sent the collected duties to companies that originally petitioned for the government to conduct the antidumping investigation. Duties paid on shipments made after Sept. 30, 2007, will go to the government and not the petitioners.
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La-Z-Boy gets another $1.4 million in duties
Jan 18, 2010
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