Steelcase Inc., once a long-standing name on the New York Stock Exchange, officially closed the chapter on its life as an independent public company in December 2025, following its $2.2 billion cash-and-stock acquisition by HNI Corporation. The deal marked the end of a 27-year run as a publicly traded company after Steelcase’s IPO in 1998, while opening a new phase as part of a larger workplace furniture powerhouse.

From IPO to Industry Leader

Steelcase first entered public markets on February 17, 1998, listing its Class A common stock on the NYSE under the ticker SCS at $28 per share. Over the following decades, the company became a global design and thought leader in workplace solutions, known for its research-driven approach to how and where people work. Headquartered in Grand Rapids, Michigan, Steelcase built a broad portfolio of furniture, technology-enabled solutions, and workplace insights serving corporations worldwide.

Acquisition by HNI Corporation

In August 2025, HNI Corporation announced its intention to acquire Steelcase, a move aimed at reshaping the competitive landscape of the workplace furniture industry. The transaction was finalized in December 2025, formally delisting Steelcase from public markets. Under the agreement, Steelcase continues to operate as a distinct brand within HNI’s portfolio and retains its Grand Rapids headquarters, preserving its identity while benefiting from HNI’s scale and operational synergies.

Financial Snapshot Before the Deal

Prior to the acquisition, Steelcase remained profitable despite a challenging and evolving office environment. For the latest twelve months ending August 29, 2025, the company reported net income of $92.2 million. In Q2 fiscal 2026, Steelcase posted net income of $35.0 million, with diluted EPS of $0.29 and adjusted EPS of $0.45. While net income declined year over year due to prior-period pension-related charges, the company’s multi-year trend showed a meaningful recovery following the pandemic, culminating in $120.7 million in net income for fiscal year 2025.

What the Transition Means

Steelcase is no longer available as a standalone stock investment, but its operational story continues under HNI’s umbrella. The combination brings together complementary brands, distribution networks, and design expertise, positioning the merged group to respond to long-term shifts in hybrid work, office redesign, and demand for flexible environments.

Looking Ahead

Steelcase’s journey—from its 1998 IPO to its 2025 acquisition—reflects the broader evolution of the workplace itself. While public investors can no longer buy shares in SCS, the Steelcase brand remains central to the future strategy of HNI Corporation, suggesting that its influence on how work gets done is far from over.