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

HNI Corporation and Steelcase Inc. on Monday, Aug. 4, announced that they have entered into a definitive agreement for HNI to acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2 billion to Steelcase common shareholders.

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,