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.

The terms of a merger agreement between office furniture manufacturers HNI and Steelcase, HNI shareholders will own 64 percent of the combined company, and Steelcase shareholders will own 36 percent,