Note 20

SUBSEQUENT EVENT

On April 22, 1999, the Company entered into an Agreement to acquire the remaining 50% equity interest of Steelcase Strafor held by Strafor Facom S.A. The purchase price approximated $225.2 million and was funded by approximately $75.1 million from existing cash balances and approximately $150.1 million of short-term borrowings that the Company expects to refinance in the first half of fiscal 2000 as it finalizes its borrowing structure. The acquisition will be accounted for using the purchase method of accounting and Steelcase Strafor, now being a wholly-owned subsidiary of the Company, will be consolidated with the results of the Company beginning in fiscal 2000. The following unaudited pro forma data summarize the combined balance sheets and results of operations of the Company and Steelcase Strafor as if the acquisition had occurred at the beginning of 1999.