UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): March 2,
2010
HNI
Corporation
(Exact
Name of Registrant as Specified in Charter)
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Iowa
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1-14225
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42-0617510
|
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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408 East Second Street, P.O.
Box 1109, Muscatine, Iowa 52761-0071
(Address
of Principal Executive Offices, Including Zip Code)
Registrant’s
telephone number, including area code: (563)
272-7400
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions (see General
Instruction A.2.):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Section
2 — Financial Information
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Item
2.05
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Costs
Associated with Exit or Disposal
Activities.
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On March
5, 2010, HNI Corporation (the "Corporation") announced it will close its
Salisbury, North Carolina office furniture manufacturing facility during the
second and third quarters of 2010. The Corporation will consolidate
the Salisbury production into existing office furniture manufacturing facilities
and anticipates the closure and consolidation to be substantially completed
during the fourth quarter of 2010. The Corporation made this decision
to reduce structural costs.
The
Corporation anticipates charges related to the closure will impact pre-tax
earnings an estimated $5.9 million. The following table lists the
estimated composition of these charges:
(Dollars
in millions)
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Time
Period
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Restructuring
Costs
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Accelerated
Depreciation
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Other
Costs
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Total
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||||||||||||||
| 2010 Q1 | 1.5 | 0.3 | 0.2 | 2.0 | ||||||||||||||
| 2010 Q2 | 0.2 | 1.1 | 0.3 | 1.6 | ||||||||||||||
| 2010 Q3 | 0.1 | 1.0 | 0.4 | 1.5 | ||||||||||||||
| 2010 Q4 | 0.1 | 0.3 | 0.2 | 0.6 | ||||||||||||||
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2010
Total
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5.7 | |||||||||||||||||
| 2011 | 0.1 | - | 0.1 | 0.2 | ||||||||||||||
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Grand
Total
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5.9 | |||||||||||||||||
The
Corporation estimates the realignment will save approximately $4.5 million
annually beginning in 2011.
SIGNATURES
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.
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HNI
CORPORATION
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||||
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Date:
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March
4, 2010
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By
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/s/
Steven M. Bradford
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Steven
M. Bradford
Vice
President, General Counsel and
Secretary
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