The sale comes weeks after Italian chocolatier Ferrero acquired WK Kellogg Co. and clockmaker Howard Miller Co. announced it will shutter operations.

Steelcase, one of the largest furniture companies in Michigan, is set to be sold. It was recently announced that the Grand Rapids manufacturer was to be bought by the HNI Corporation out of Iowa in a $2.2 billion deal.

Two iconic and long-time competitors in the contract furniture space are joining forces in a major acquisition. HNI Corporation and Steelcase Inc. have entered into a definitive agreement under which HNI will acquire Steelcase in a cash and stock transaction,