A strong market position; and A variable cost structure. Competitive and cyclical nature of the office furniture industry; and Sensitivity to raw material price fluctuations. The ratings on Zeeland, Mich.-based office furniture manufacturer Herman Miller Inc. reflect a fair business risk profile characterized by its strong market position in the office furniture industry, variable cost structure, reputation for design and innovation, and an intermediate financial risk profile. Standard&Poor's Ratings Services believes the competitive and cyclical nature of the office furniture industry, dependence on commercial office construction, and the company's sensitivity to raw material price fluctuations are additional ratings factors. Herman Miller is a leading designer, marketer, and manufacturer of office furniture and systems. The company benefits from a
