High Point, NC -- Furniture Brands International is blending its three high-end companies, Henredon Furniture, Drexel Heritage Furniture and Maitland-Smith, into one division that will be based in High Point, the company announced. The consolidated company, called HDM Furniture Industries, will be led by Jeff Young, president and chief executive officer of Drexel Heritage, Furniture Brands said Monday. The presidents of Henredon and Maitland-Smith will retain their titles but report to Young, whose family founded Lexington Furniture. "This is a first attempt by Furniture Brands International to take like-minded companies and combine them," Young said Monday. "We hope to reduce the operating costs." The new division will operate out of the Drexel Heritage offices in High Point, where all three companies have operations. Industry analyst Jerry Epperson said the consolidation shouldn't have an overall impact on the furniture market, but may prove to be a smart decision for the St. Louis-based parent company. "This is an important move," said Epperson, an analyst with Mann, Armistead Epperson. "These companies sell to similar markets and combining them could save some overhead." The new division will look at eliminating redundancies "in back office operations" among the three furniture companies, possibly including IT departments and other administrative operations, Young said.
Furniture Brands Consolidates Henredon, Drexel, Maitland-Smith
The consolidated company, called HDM Furniture Industries, will be located in High Point.
