Steelcase Get’s Federal Contract

Posted by MCC on December 22nd, 2008 at 01:07am

The third quarter earnings totals for Steelcase brought grim results. The famous office furniture manufacturer say an 11.4 per cent fall in sales in the United States alone. And, global sales fell off by 8.4 per cent.

The bottom line numbers put a little more perspective on the situation, just one year ago the company reported profits of just over $31 million and this years quarter saw a $400,000 profit! But, even amid the almost vanishing profits, Steelcase might have gotten a much needed break.

The company just got a federal contract that might help get their profit margin rising again. The contract provides for not only furnishings, but design, installation, and other service as well. The minimum value of the contract is $3 million, but it’s expected to top out much closer to $113 million!

Steelcase has been among one of the many furniture companies that have had to lay off employees. During the spring, 250 employees were laid off and 600 job cuts were added in November and it was announced that 300 more may be in danger of losing their jobs.

Under Furniture News