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La-Z-Boy Incorporated to Acquire Sam Moore Furniture Industries, Inc.

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La-Z-Boy Incorporated, one of the nation's leading manufacturers of residential and business furniture, announced that it has entered into an agreement to acquire privately held Sam Moore Furniture Industries, Inc., a manufacturer of upscale occasional upholstered furniture, as well as office seating. "We acquire companies that fit well with our strategic plan to bring quality products to the widest possible audience," said Patrick H. Norton, chairman of the board of La-Z-Boy. "For example, England/Corsair gives us high efficiency, volume production for price sensitive distribution channels. At the opposite end of the spectrum, Sam Moore will help us penetrate an expanding and upscale market segment that is less price sensitive. Sam Moore is a design and style leader in that market segment." General terms of the transaction call for La-Z-Boy to acquire 100 percent of the outstanding shares of Sam Moore for cash. The transaction is subject to the necessary regulatory approvals. "La-Z-Boy's corporate vision and culture are remarkably similar to ours," said John K. Boardman, Jr., chairman and CEO of Sam Moore Furniture Industries. "Additionally, our two companies share a dedication to provide consumers with quality products at a good value. After assessing all of our options, there was little doubt that La-Z-Boy offered the perfect fit, along with an opportunity for continued growth while maintaining the core values that make Sam Moore such a great company." Headquartered in Bedford, Va., Sam Moore Furniture Industries, Inc. employs approximately 330 people. The company reported more than $33 million in annual sales during 1997. La-Z-Boy Incorporated is based in Monroe, Mich. With annual sales in excess of $1 billion, the company employs 11,500 people, has 31 manufacturing facilities in the United States, Canada and Europe, and operates seven independent divisions, including La-Z-Boy Residential; La-Z-Boy Business Furniture Group; Hammary Furniture Company; Kincaid Furniture Company; England/Corsair, Inc.; La-Z-Boy Canada and Centurion Furniture PLC. For more information contact La-Z-Boy at E-mail link: cwinkler@la-z-boy.com.