Overview Key strengths Key risks Strong brand recognition and good reputation for design. High cash-flow cyclicality, which significantly weakens its credit metrics during downturns. Large installed customer base, given its position as the second-largest competitor in the global office furniture industry. Permanent reduction in office space occupancy. Diversified in the furniture industry catering to both commercial and residential customers. Exposure to input-cost volatility, including for steel. Decent cash flow generation. Consistent with the broader industry, the company experienced significant volume declines following the coronavirus pandemic because its office furniture customers reduced their spending plans amid the risk of a recession and slower return-to-office trends. MillerKnoll's retail segment also experienced similar declines as consumers cut back on their discretionary spending amid
