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

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,