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Furniture Brands International Plans To Divest HBF

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Furniture Brands International announced its intent to divest HBF, its business furniture operation. The company has retained Wachovia Securities to assist in the process. “The decision to divest HBF puts our focus solely on residential furnishings, which is our heritage and our core strength,” said Ralph P. Scozzafava, Vice Chairman and CEO-Designate. “Since its start more than 25 years ago as a division of Lane Furniture, HBF has grown to be one of the nation’s most respected designers and manufacturers of business furniture. We believe it would be an attractive acquisition to both financial and strategic buyers.” “HBF has consistently delivered strong performance as part of the FBI family of brands,” said Charlie Bell, HBF president. “An experienced management team, a strong product pipeline, and a commitment to quality make HBF well positioned to deliver continued solid financial results.” HBF (formerly Hickory Business Furniture) and HBF Textiles employ more than 300 people at a manufacturing site in Hickory, NC. About Furniture Brands: Furniture Brands International is one of America's largest residential furniture companies. The company produces, sources, and markets its products under six of the best-known brand names in the industry -- Broyhill, Lane, Thomasville, Henredon, Drexel Heritage, and Maitland-Smith.

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