New Delhi, Apr 30 (PTI) Japan's KOKUYO Co., Ltd., an office furniture and stationery company, has announced it has inked a definitive pact to acquire HNI Corporation's India business - HNI Office India.

This strategic acquisition marks a significant milestone in KOKUYO's long-term vision, which targets USD 3.5 billion in net sales by 2030, according to a release.

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The financial details of the acquisition were not immediately available.

"KOKUYO Co., Ltd., a global leader in office furniture and business stationery manufacturing, announced today that it has entered into a definitive agreement to acquire HNI Corporation's India business (HNI Office India Ltd.)," the release said.

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KOKUYO Co., Ltd. is a manufacturer of office furniture and stationery listed on Tokyo stock exchange.

With over 7,600 employees and operations spanning Asia, the company already has a strong presence in India through KOKUYO Camlin, a stationery brand it partnered with over a decade ago.

"The acquisition reinforces KOKUYO's long-standing commitment to India and positions the company for sustained growth across the region," the release said.

HNI India, a design-led office furniture brand with strong manufacturing capabilities, would complement KOKUYO's existing strengths and expand its footprint in the Indian and Asian markets, the release added.

"With its strong local presence and capabilities, HNI India is poised to play a central role in KOKUYO's Asia growth strategy- driving innovation, scaling operations, and expanding customer reach across diverse international markets," it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)