(AP) -- Herman Miller Inc. is reducing its quarterly dividend and consolidating manufacturing operations in an effort to strengthen its balance sheet.
The Zeeland-based office furniture maker says it's cutting its quarterly cash dividend to 2.2 cents per share from 8.8 cents. The company says the new dividend rate will save it $14 million annually.
Herman Miller also plans to close its Integrated Metal Technologies manufacturing site in Spring Lake, just south of Muskegon.
The facility will close by spring 2010 and the work handled there will be moved to other newer, larger facilities in the area.
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