The ratings on Zeeland, Mich.-based Herman Miller Inc. reflect the company's strong position in the U.S. office furniture industry, its efficient manufacturing structure, and its moderate financial policy. These strengths are offset by the highly competitive and volatile nature of the industry and the company's geographic concentration in North America. Herman Miller manufactures and markets 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 against competitors with its design innovations in workstations and other furniture. Several economic factors point to improved demand in the office furniture industry, including lower unemployment, rising corporate profits, and higher capital spending. Standard&Poor's economists expect
