Haworth invests in Mikomax
American concern Haworth will buy a controlling stake in Mikomax. It is a medium-sized producer of office furniture and acoustic cubicles.
Mikomax comes from Łódź and is a family company. For several years it has been co-managed by the second generation of Mikołajczyk family. For many years the company has been producing office furniture. Six years ago it introduced acoustic cubicles under the Hushoffice brand. Thanks to this, its revenues shot up. As recently as 2016, sales amounted to PLN 30m and profit was over PLN 1m. In 2020, revenues were five times higher and profit rose to over PLN 24m. This year could end with a profit of over £30m.
Harwoth is the third largest global player in the office furniture market. For the time being, the companies have signed a preliminary agreement, providing for the purchase of a controlling stake in Mikomax. The transaction is subject to approval of antimonopoly authorities. When the transaction is completed, the management of Mikomax will change. The current owners will remain on the Management and Supervisory Boards, but will be joined by representatives of the Haworth concern. Thanks to the new investor Mikomax will increase its turnover on the American market and in Asia.