NEW YORK (Standard&Poor's) Nov. 28, 2007--Standard&Poor's Ratings Services said today that the rating and outlook on Herman Miller Inc. (BBB/Positive/--) would not be immediately affected following the company's announcement yesterday that it is pursuing a series of strategic initiatives to improve business performance and growth. The company estimates that headcount reductions coupled with other actions over the next six to nine months will result in annual cost savings of $25 million to $30 million. The company also announced that it was raising its second-quarter earnings guidance given stronger-than-expected order rates during the quarter. Recently, the company expanded the size of its existing share repurchase authorization by an additional $300 million. However, in its most recent release,
