<SEC-DOCUMENT>0001171843-18-006634.txt : 20180920
<SEC-HEADER>0001171843-18-006634.hdr.sgml : 20180920
<ACCEPTANCE-DATETIME>20180920060140
ACCESSION NUMBER:		0001171843-18-006634
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180919
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180920
DATE AS OF CHANGE:		20180920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEELCASE INC
		CENTRAL INDEX KEY:			0001050825
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE FURNITURE (NO WOOD) [2522]
		IRS NUMBER:				380819050
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0222

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13873
		FILM NUMBER:		181078621

	BUSINESS ADDRESS:	
		STREET 1:		901 44TH STREET SE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49508
		BUSINESS PHONE:		6162472710

	MAIL ADDRESS:	
		STREET 1:		901 44TH STREET SE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49508
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_091918.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong><br />_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br />_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--September 20, 2018-->September 19, 2018 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>STEELCASE INC.</strong></font><br /><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Michigan</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>1-13873</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>38-0819050</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>901 44th Street SE, Grand Rapids, Michigan 49508</strong><!----></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(616) 247-2710</strong><br />(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong>None</strong><br />(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br /><br /></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[ &#160; ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&sect;240.12b-2).&#160;Emerging growth company [&#160;&#160; ]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&#160;&#160; ]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade" /><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><font style="color:black;background:white;font-size:10pt;font-family:&quot;times new roman&quot;;">On September 19, 2018, Steelcase Inc. (the "Company") borrow</font><font style="font-size:10pt;font-family:&quot;times new roman&quot;;">ed $79 million under its committed unsecured revolving credit facility as funding for the Company&#8217;s acquisition of Orangebox Group Limited (&#8220;Orangebox&#8221;).&#160; The amount borrowed is subject to an initial rate of interest equal to 3.29% per annum. The credit facility is governed by the terms of the Second Amended and Restated Credit Agreement, dated as of September 23, 2016 among the Company and JPMorgan Chase Bank, N.A., as Administrative Agent; Bank of America, N.A., and Wells Fargo Bank, National Association as Co-Syndication Agents; HSBC Bank USA, National Association as Documentation Agent; and certain other lenders, as amended on July 12, 2018.&#160; A copy of the credit agreement is filed as Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on September 28, 2016, and a copy of the amendment is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 16, 2018.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; text-indent:27pt; margin-right:0in;"><font style="font-size:10pt;font-family:&quot;times new roman&quot;;">On September 20, 2018, the Company issued a press release announcing the acquisition of Orangebox. A copy of the press release is included as Exhibit 99.1 and incorporated herein by reference.</font></p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;">
 <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt;font-family:&quot;times new roman&quot;;">(d) EXHIBITS.</font></p> <table style="width:532; border-collapse:collapse !important;" style="border-collapse: collapse; "><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;"><u>Exhibit Number</u></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;"><u>Description</u></font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">&#160;</font></td></tr><tr><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;"><a href="exh_991.htm" rel="nofollow">99.1</a></font></td><td style="vertical-align: bottom ; "><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">&#160;</font></td><td style="vertical-align: bottom ; "><font style="color:black; font-size:10pt; font-family:&quot;times new roman&quot;;"><a href="exh_991.htm" rel="nofollow"> Steelcase Inc. Press Release dated September 20, 2018 </a></font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade" /><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURES</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>STEELCASE INC.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: September 20, 2018</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ David C. Sylvester&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">David C. Sylvester</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Senior Vice President, Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"><font style="font-size: 10pt;">(Duly Authorized Officer and Principal&#160;Financial Officer)</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p /></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Steelcase Acquires Orangebox, UK-based Maker of Alternative Furniture and Settings for the Changing Workplace</strong></p><p style="text-align: center;">Acquisition supports growth strategy as Steelcase expands its solutions to support the new ways teams are working</p><p>
   <p align="left">GRAND RAPIDS, Mich., Sept.  20, 2018  (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE: SCS) today announced it acquired Orangebox Group Limited, a UK-based designer and manufacturer of furniture for the changing workplace, the latest in a rapid expansion of innovative products designed for the new ways people work. This acquisition provides growth-driven organizations around the world with an even broader range of unique furniture designed to boost collaboration at work and provides Steelcase with an engine to accelerate innovative product development in Europe and around the world.<br ></p>    <p>&#8220;We saw how Orangebox approached the changing landscape at work and their early recognition that more people want alternatives to the traditional desk, and to work in a range of postures,&#8221; said Allan Smith, vice president, global marketing at Steelcase. &#8220;They understood people&#8217;s need for balance between privacy at work, and the shift toward high-performance team work.&#160; We are really excited about bringing our portfolios together, and we see the opportunity to more than double the size of Orangebox&#8217;s business within five years by leveraging Steelcase&#8217;s global scale and distribution.&#8221;</p>    <p>Born in 2002, in the village of Hengoed, South Wales, Orangebox created a concept they call &#8220;Smartworking&#8221; &#8211; solutions designed to foster collaboration and change cultures, while improving efficiency.&#160; The company&#8217;s portfolio offers a pluralism of design choices and diverse functions with high-performance alternatives to traditional seating, patented architectural pods for visual and acoustical privacy solutions and highly productive collaboration settings -- all based on a deep study of how people need to be oriented toward technology and one another. Orangebox will operate as an independent subsidiary under its own brand and continue to support its existing dealers as well as Steelcase dealers.</p>    <p>&#8220;Our products enable organizations to work in new, more collaborative ways and can help transform both the culture and efficiency of the organization,&#8221; said Mino Vernaschi, Managing Director of Orangebox. &#8220;My dream was for Orangebox to become a worldwide brand, with Steelcase this will now happen. Our cultures are so similar and we&#8217;re excited about becoming part of the Steelcase family.&#8221;</p>    <p>This acquisition follows other recent Steelcase announcements aimed at growth by delivering a broad portfolio of products and providing a streamlined customer experience through the market-leading Steelcase dealer network. Steelcase previously announced marketing and distribution relationships with Blu Dot, Bolia, Extremis, FLOS, Mitchell Gold + Bob Williams, West Elm and the acquisitions of AMQ and Smith System, supplementing an already extensive Steelcase portfolio and offering greater choice and value to Steelcase customers globally.</p>    <p>The transaction involves the acquisition of all the outstanding capital stock of Orangebox for &#163;60 million (or $79 million) less an adjustment for working capital, with an additional &#163;3 million payable to one of the sellers over three years based on the achievement of certain performance obligations. Steelcase funded the acquisition by borrowings under its credit facility.&#160; Orangebox has posted revenue of approximately &#163;69 million over the trailing twelve months through August 2018.</p>    <p><strong>Forward-looking Statements</strong></p>    <p>From time to time, in written and oral statements, Steelcase discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to Steelcase, based on current beliefs of management as well as assumptions made by, and information currently available to, Steelcase. Forward-looking statements generally are accompanied by words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; or other similar words, phrases or expressions. Although Steelcase believes these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate.</p>    <p>Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from Steelcase&#8217;s expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events; changes in the legal and regulatory environment; its restructuring activities; changes in raw materials and commodity costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase&#8217;s most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.</p>    <p><strong>About Steelcase Inc.</strong></p>    <p>For over 105 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. We demonstrate this through our family of brands - including Steelcase&#174;, Coalesse&#174;, Designtex&#174;, PolyVision&#174;, Turnstone&#174;, Smith System&#174;, Orangebox&#174; and AMQ&#153;. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including over 800 Steelcase dealer locations. Steelcase is a global, industry-leading and publicly traded company with fiscal 2018 revenue of $3.1 billion. www.steelcase.com</p>    <p><strong>About Orangebox</strong></p>    <p>Based in Wales,UK, Orangebox design and manufacture innovative office furniture. The company focuses on continuous research and innovations in business to understand the world of work, wherever it happens. This gives them the insight to create products and solutions tailored to clients work needs. Established in 1998, the company began designing task seating, but has quickly expanded to offer &#8220;Smartworking Solutions&#8221;- high-performance, well designed furniture that enables people to work in more collaborative and effective ways. With five showrooms across three continents and an extensive dealer network, Orangebox posted revenue of &#163;69m over the last twelve months. www.orangebox.com</p>  <p><strong>Investor Contact:</strong><br >Mike O&#8217;Meara<br >Investor Relations<br >(616) 292-9274<br >&#160; &#160; &#160; &#160; &#160; &#160;&#160;<br ><strong>Media Contact:</strong><br >Katie Woodruff<br >Corporate Communications<br >(616) 915-8505</p>    <p> </p> </p><p ></p></body></html>
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