The ratings on Zeeland, Mich.-based Herman Miller Inc. reflect the company's strong position in the U.S. office furniture industry, its innovation, its efficient manufacturing structure, and its moderate financial policy. These strengths are offset by the highly competitive and volatile nature of the office furniture industry and the company's geographic concentration in North America. Herman Miller is a leading manufacturer and marketer of office furniture, including workstations, chairs, filing cabinets, tables, and desks. Despite the current industry downturn, the company has been successful in defending its No. 2 market position in this competitive industry through its design innovations in workstations and other furniture. In its October 2003 forecast, the Business and Institutional Furniture Manufacturers' Association (BIFMA) projected a 5.6% decline
