Knoll to acquire Richard Schultz Design
Casual Living Staff -- Casual Living, February 7, 2012
Knoll, Inc. announced it has agreed to acquire Richard Schultz Design, Inc., the designer and manufacturer of outdoor furniture for the residential, hospitality and contract office furniture markets.
"The acquisition of Richard Schultz reflects our ongoing interest in remixing our business with high design, high
margin specialty offerings which appeal to both commercial buyers and consumers worldwide," Andrew B. Cogan, Knoll CEO, said. "Richard Schultz began his career as a designer with Knoll and co-founded his company with his son Peter in 1992. Together, they have built an international reputation for exploring new materials and forms for outdoor furniture. We look forward to the continuous success of the Richard Schultz brand."
The company, which maintains a flagship showroom in New York's D&D Building, sells the iconic 1966 Schultz Leisure Line and 1960 Petal Table Collection, originally designed for Knoll, as well as contemporary outdoor furniture designs. Its designs are included in the collections of The Museum of Modern Art, the Victoria and Albert Museum and the Philadelphia Museum of Art.
Peter Schultz said he and his parents see this as a fitting and natural step in their company's growth and evolution.
"Our award-winning designs in the modern tradition are a perfect complement to the Knoll portfolio," he said. "We look forward to our products joining the Knoll Studio Collection of residential and workplace furniture."
Richard Schultz Design maintains a marketing and design studio in Palm, Pa. Its manufacturing facility is located about a mile from the Knoll factory. Peter Schultz will remain as a consultant to Knoll and most of the current staff will remain in place, he said.
The acquisition is expected to close on or about March 1.