News Summary
Steelcase Inc. announced a net income of $13.6 million for its fiscal first quarter, driven by an adjusted earnings per share of 20 cents on revenue of $779 million. Meanwhile, Microsoft acquired 316 acres of Steelcase property for $45.3 million, potentially for data center development, as Steelcase focuses on streamlining its operations and announces leadership changes to reinforce its business strategy.
Grand Rapids, Michigan – Steelcase Inc. has reported significant financial results for its fiscal first quarter, sharing a net income of $13.6 million, translating to 11 cents per share. The company’s adjusted earnings, which exclude one-time gains and costs, reached 20 cents per share on a revenue of $779 million in the same quarter.
Looking ahead, for the fiscal second quarter ending in August, Steelcase anticipates earnings per share between 36 cents and 40 cents. The company also projects revenue to fall within the range of $860 million to $890 million.
In a notable real estate transaction, Microsoft Corporation recently acquired 316 acres of previously owned Steelcase property located in Gaines Charter Township for $45.3 million. This sale is part of Microsoft’s potential plans for data center development at the site, though specific plans have not yet been disclosed. The transaction was facilitated by The Right Place Inc.
Details of the Property Purchase
The land sold to Microsoft is situated at the intersection of Patterson Avenue and 76th Street, south of Grand Rapids. It had been rezoned to light industrial status, allowing for development including data centers, which are anticipated to have minimal nuisance issues according to township planning officials.
Since the rezoning, interest from industrial users regarding portions of the former Steelcase site has increased, highlighting a trend toward industrial development in the area. The growing data center industry in Michigan has been buoyed by the recent openings of facilities, including Switch in the nearby township, and there is ongoing discussion among state lawmakers regarding potential tax incentives to attract large investments in data center infrastructure.
Microsoft’s Strategic Moves
Microsoft’s acquisition and development plans may also be related to the company’s recent significant power purchase agreement, aimed at supporting its data center requirements. These agreements are crucial for power-intensive operations, which may further be connected to local water resources from the city of Wyoming.
Steelcase’s Business Strategy and Leadership Changes
In conjunction with these developments, Steelcase has continued to implement its strategy of divesting excess land throughout West Michigan. This represents an effort to streamline operations and focus on its core business of designing work environments.
Steelcase has also announced a leadership change with the appointment of Megan Blazina as vice president, chief legal officer, and secretary, effective March 17, 2025. Blazina brings over 24 years of legal experience and has held important legal positions at notable companies, including Whirlpool Corporation.
Company Background
Founded in 1912, Steelcase is recognized as a global leader in designing innovative work environments. For the fiscal year 2024, the company reported a revenue of $3.2 billion and currently employs approximately 11,300 people worldwide. The company’s ongoing commitment to adaptation and growth in a rapidly evolving market remains evident through its recent financial performance and strategic decisions.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- CT Insider
- Wikipedia: Steelcase
- Record Eagle
- Google Search: Steelcase
- Crain’s Grand Rapids
- Encyclopedia Britannica: Microsoft Corporation
- PR Newswire
- Google News: Microsoft data center
- MLive
- Google Scholar: data centers in Michigan
- Furniture Today
- Google Search: Steelcase fiscal results
Author: STAFF HERE GRANDRAPIDS WRITER
GRAND RAPIDS STAFF WRITER The GRAND RAPIDS STAFF WRITER represents the experienced team at HEREGrandRapids.com, your go-to source for actionable local news and information in Grand Rapids, Kent County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as ArtPrize, Festival of the Arts, and World of Winter. Our coverage extends to key organizations like the Grand Rapids Chamber of Commerce and Grand Rapids Community Foundation, plus leading businesses in furniture, healthcare, and technology that power the local economy such as Steelcase, Spectrum Health, and Meijer. As part of the broader HERE network, including HEREDetroitMI.com, HERENorthville.com, HERENovi.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
