On April 17, 2002, Standard&Poor's revised the outlook on U.S. office furniture makers, Steelcase Inc. and Herman Miller Inc., to negative from stable, because of challenging conditions in the office furniture industry. The outlook on industry competitor Knoll Inc. remained stable. The ratings on Herman Miller Inc. reflect the company's strong position in the U.S. 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
