8-K
filed May 20, 2024, 7:59 PM ET
ticker HNI
CIK 0000048287
other material
confidence high
sentiment neutral
materiality 0.70
HNI CORP (HNI): restructuring charge — HNI to close Hickory plant, consolidates production; charges $10.3M, saves ~$11M annually
HNI CORP
- Hickory, NC plant closing in H1 2025; ~200 production/ops positions affected; HBF brand HQ remains in Hickory.
- Annual savings estimated at ~$11M when fully mature in 2026; $8-9M expected in 2025.
- Total cost synergies from Kimball International acquisition now $50M, including $11M from this consolidation and ~$4M from procurement.
- Pre-tax charges of $10.3M over 2024-2025 ($8.5M in 2024, $1.8M in 2025); $1.5M non-cash.
- Shareholders elected three directors, ratified KPMG as auditor, and approved advisory say-on-pay and equity plan increase.
Key facts
Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
HNI CORP announced a restructuring with charges of $10.3 million affecting workplace furnishings business (approximately 200 production and operations members).
- Type
- restructuring
- Charge
- $10.3 million
- Affected area
- workplace furnishings business
- Headcount
- approximately 200 production and operations members
Exact text from the filing
secondary geographies, healthcare, and hospitality. • Resulting charges. HNI anticipates charges resulting from the consolidation will impact pre-tax earnings by an estimated $10.3 million in 2024 and 2025, including $1.5 million of non-cash charges. The following table lists the estimated composition and timing of these charges: (Dollars in millions) Time Period
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
HNI CORP shareholders approved Ratification of KPMG LLP as the Corporation's Independent Registered Public Accounting Firm for Fiscal 2024 at the 2024-05-16 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2024-05-16
Exact text from the filing
The Corporation’s shareholders ratified the selection of KPMG LLP as the Corporation’s independent registered public accounting firm for the fiscal year ending December 28, 2024, with votes as follows: %For 1 For Against Abstain 99.33% 41,551,173.283 281,975.938 62,933.098
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
HNI CORP shareholders approved Election of Directors at the 2024-05-16 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2024-05-16
Exact text from the filing
The Corporation’s shareholders approved three nominees, Mary A. Bell, Mary K.W. Jones, and Patrick D. Hallinan, for election to the Board of Directors of the Corporation for a term expiring at the Corporation’s 2027 Annual Meeting of Shareholders and until their respective successors are elected and qualified, subject to their prior death, resignation, or removal, with votes as follows: Director % For 1 For Against Abstain Broker Non- Votes Mary A. Bell 90.65% 34,570,015.059 3,564,417.690 59,800.570 3,701,849.000 Mary K.W. Jones 95.97% 36,597,567.546 1,538,386.203 58,279.570 3,701,849.000 Patrick D. Hallinan 99.25% 37,853,236.713 286,378.036 54,618.570 3,701,849.000
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
HNI CORP shareholders approved Advisory Vote to Approve Named Executive Officer Compensation at the 2024-05-16 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2024-05-16
Exact text from the filing
The Corporation’s shareholders approved, on an advisory basis, the compensation awarded by the Corporation to its named executive officers disclosed in the Proxy Statement with votes as follows: %For 1 For Against Abstain Broker Non-Votes 96.53% 36,676,337.643 1,316,656.424 201,239.252 3,701,849.000
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.99
HNI CORP shareholders approved Approval of a Share Increase Amendment to the 2017 Equity Plan for Non-Employee Directors of HNI Corporation at the 2024-05-16 meeting.
- Proposal
- equity plan
- Outcome
- passed
- Meeting
- 2024-05-16
Exact text from the filing
The Corporation’s shareholders approved an amendment to the 2017 Equity Plan for Non-Employee Directors of HNI Corporation to increase the total number of shares of common stock authorized for issuance by 200,000 shares: %For 1 For Against Abstain Broker Non-Votes 94.87% 36,184,854.836 1,956,502.959 52,875.524 3,701,849.000
View on SEC.gov
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