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Haworth to acquire majority stake in Poltrona Frau

High-end Italian producer's brands include Cappellini, Cassina

HOLLAND, Mich. — Poltrona Frau, the high-end Italian furniture source famous for its iconic armchairs, will sell a majority stake to Michigan-based contract furniture manufacturer Haworth, the mlive website reports.

Haworth will buy a 58.6% stake in the company for 2.96 euros per share from Poltrona Frau's largest shareholders, Charme Investments and Moschini. A company spokesman didn't give a total price estimate.

Poltrona Frau includes the brands Poltrona Frau, Cappellini and Cassina, which make furnishings for home, offices and other contract use, as well as automobile interiors.

The transaction, which must be approved by antitrust authorities, is expected to be completed in April, mlive said.

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