The ratings on Herman Miller reflect its strong market position in the office furniture industry, variable cost structure, and reputation for design and innovation. The competitive and cyclical nature of the office furniture industry, dependence on commercial office construction, and the company's sensitivity to raw material price fluctuations somewhat offset these factors. Herman Miller is a leading designer, marketer, and manufacturer of office furniture and systems. The U.S. office furniture industry is highly competitive, with five companies garnering a significant portion of the market. Among these five, Herman Miller maintains the No. 3 position, with more than $1.3 billion in sales for the 12 months ended Feb. 27, 2010. The two other rated industry participants are market leader Steelcase Inc.
