The ratings reflect Herman Miller Inc.'s strong position in the office furniture industry, its track record of innovation, efficient manufacturing structure, and moderate financial policy. These strengths are somewhat offset by the highly competitive and cyclical nature of the office furniture industry and the company's geographic concentration in North America. Zeeland, Mich.-based Herman Miller is a leading manufacturer and marketer of office furniture, including workstations, chairs, filing cabinets, tables, and desks. Through innovation in workstation and other furniture design, the company has been successful in leveraging its number-two market position in this competitive industry. Herman Miller's cost structure is flexible because of its strategy of functioning as an assembler, in that it purchases most of its product components from subcontractors.
