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Flexsteel Industries Inc., a supplier of furniture to the RV industry, announced today (Oct. 2) it has completed the acquisition of DMI Furniture Inc. of Louisville and DMI’s management team has joined Flexsteel.
DMI, which has residential and commercial office furniture manufacturing plants in Asia and South America, now is a wholly owned subsidiary of Flexsteel.
Flexsteel, based in Dubuque, Iowa, paid around $44 million for DMI, including the assumption of around $27 million in debt.
As a result of the DMI acquisition, Flexsteel’s RV-related business will decline to around 20% of its annual sales, from 25%. Flexsteel had $292 million in sales in its fiscal year 2003, which ended on June 30.