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Leggett & Platt, Incorporated (LEG) is a diversified manufacturer that designs and produces a wide range of engineered components and products found in homes, offices, and automobiles. The company operates approximately 120 production facilities in 18 countries and is organized into three main operating segments. Leggett & Platt sells components and machinery for bedding manufacturers, engineered components for the automotive and aerospace industries, and supplies for residential and work furniture manufacturers.
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Bedding Products - Supplies components and machinery for bedding manufacturers, produces private-label finished mattresses, and adjustable bed bases. Includes specialty foam chemicals, steel rod, and drawn steel wire.
- Key Products: Steel rod and drawn wire, innersprings, specialty foam, private-label finished mattresses, adjustable beds, machinery for bedding production.
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Furniture, Flooring & Textile Products - Supplies components for residential and work furniture, produces private-label finished furniture, and distributes carpet cushion, hard surface flooring underlayment, and textile components.
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Specialized Products - Provides lumbar support systems, seat suspension systems, motors and actuators, and control cables for automotive manufacturers. Produces and distributes tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders for material-handling and heavy construction industries.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
J. Mitchell Dolloff ExecutiveBoard | President and Chief Executive Officer | None | Joined LEG in 2000; became CEO in 2022 and President in 2020. Previously held roles such as COO and President of Bedding Products. Holds a law degree and MBA from Vanderbilt University. | View Report → |
Karl G. Glassman ExecutiveBoard | Board Chairman | None | Joined LEG in 1982; became Board Chairman in 2020. Former CEO (2016\u20132021) and COO (2006\u20132015). Brings extensive operational and governance expertise. | |
Benjamin M. Burns Executive | Executive Vice President and Chief Financial Officer | None | Joined LEG in 2003; became CFO in 2023. Previously served as EVP\u2014Business Support Services and VP\u2014Treasurer. Holds a CPA and MBA from Pittsburg State University. | |
Christina Ptasinski Executive | Executive Vice President\u2014Chief Human Resources Officer | None | Joined LEG in 2021; became EVP in 2023. Previously held HR leadership roles at CEVA Logistics and Crane Worldwide Logistics. | |
J. Tyson Hagale Executive | Executive Vice President, President\u2014Bedding Products | None | Joined LEG in 2001; became EVP in 2021. Previously served as President of Home Furniture Group and Furniture Hardware Division. | |
Jennifer J. Davis Executive | Executive Vice President and General Counsel | None | Joined LEG in 2006; became EVP and General Counsel in 2024. Previously served as Deputy General Counsel and Chief Litigation Counsel. | |
R. Samuel Smith, Jr. Executive | Senior Vice President, President\u2014Furniture, Flooring & Textile Products | None | Joined LEG in 2014; became President of Furniture, Flooring & Textile Products in 2024. Previously served as President of Home Furniture Group. | |
Ryan M. Kleiboeker Executive | Executive Vice President and Chief Strategic Planning Officer | None | Joined LEG in 2005; became EVP in 2024. Previously served as VP\u2014Corporate Development and Financial Planning. | |
Tammy M. Trent Executive | Senior Vice President and Chief Accounting Officer | None | Joined LEG in 1998; became CAO in 2015 and SVP in 2017. Previously served as Staff VP\u2014Financial Reporting. | |
Angela Barbee Board | Independent Director | None | Elected to the Board in 2022. Previously held senior leadership roles at Weber Inc., Kohler Company, and General Motors. | |
Jai Shah Board | Independent Director | Group President at Masco Corporation | Elected to the Board in 2019. Brings expertise in strategic planning, talent management, and market innovation from his leadership roles at Masco Corporation. | |
Joseph W. McClanathan Board | Independent Director | Director at Brunswick Corporation | Elected to the Board in 2005. Former CEO of Energizer\u2019s Household Products Division. Brings expertise in manufacturing, marketing, and international operations. | |
Manuel A. Fernandez Board | Independent Director | Lead Independent Director at Performance Food Group Company | Elected to the Board in 2014. Co-founder of SI Ventures and former CEO of Gartner, Inc. Brings expertise in IT, corporate strategy, and governance. | |
Mark A. Blinn Board | Independent Director | Director at Texas Instruments, Emerson Electric Co., and Globe Life Inc. | Elected to the Board in 2019. Former CEO of Flowserve Corporation. Brings expertise in finance, governance, and industrial operations. | |
Mary Campbell Board | Independent Director | Director at Kontoor Brands, Inc. | Elected to the Board in 2019. Brings expertise in consumer-driven product innovation, marketing, and brand building. | |
Phoebe A. Wood Board | Independent Director | Director at Invesco, Ltd., Pioneer Natural Resources, and PPL Corporation | Elected to the Board in 2005. Former CFO of Brown-Forman Corporation. Brings expertise in finance, governance, and strategic planning. | |
Robert E. Brunner Board | Independent Director | Independent Board Chair at Lindsay Corporation | Elected to the Board in 2009. Former EVP at Illinois Tool Works. Provides expertise in automotive strategy, M&A, and international operations. | |
Srikanth Padmanabhan Board | Independent Director | EVP and President, Operations at Cummins Inc. | Elected to the Board in 2018. Longtime executive at Cummins Inc., with expertise in engineering, operations, and international business. |
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As you are exploring the potential sale of your Aerospace business as part of your strategic review, can you elaborate on how this divestiture will impact your overall profitability and long-term growth strategy?
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With the domestic Bedding market being more negatively impacted than overall consumption due to imports, what specific strategies are you implementing to mitigate the impact of imports on your domestic production, and how do you plan to regain market share?
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Given that Automotive volumes decreased by 9% this quarter and considering the volatility in markets like China and Europe, how are you adjusting your operations to address these challenges, and what are your expectations for the Automotive segment moving forward?
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The unfavorable product mix in Bedding Products and metal margin compression have significantly affected your EBIT; what initiatives are you undertaking to improve your product mix and margins in the Bedding segment, and when do you expect to see the benefits of these actions?
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Considering you have lowered your full-year sales and EPS guidance due to weaker demand trends and identified $10 million in corporate cost savings, are there additional cost-saving measures or restructuring plans, especially within your G&A functions, to align your cost structure with the current market conditions?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Canadian distributor of geo components | 2022 | Acquired on October 3, 2022, this Ottawa-based business with annualized sales of less than $10 million expands Leggett & Platt’s portfolio without disclosed deal value or structure. |
Leading global manufacturer of hydraulic cylinders for heavy construction machinery | 2022 | Acquired on August 26, 2022 for $87.8 million with $35.8 million in goodwill, the deal bolstered Leggett & Platt’s capabilities with operations in Germany, China, and a distribution facility in Halifax, PA, strategically enhancing its engineering hydraulics components portfolio. |
Converter and distributor of construction fabrics and other supply items for the furniture and bedding industries | 2022 | Acquired in August 2022 for $2.3 million with $0.1 million in goodwill, this business was integrated into the Furniture, Flooring & Textile Products segment to diversify Leggett & Platt’s market offerings. |
Recent press releases and 8-K filings for LEG.
- Leggett & Platt signed an agreement to sell its Aerospace Products Group for a cash purchase price of $285 million (before adjustments) with expected after-tax proceeds of approximately $240 million.
- The Aerospace Products Group comprises about 700 employees at 7 manufacturing facilities across the U.S., UK, and France and achieved $190 million in net trade sales in 2024.
- The transaction, advised by Lazard and Freshfields, is expected to close in 2025 (subject to regulatory approvals and customary conditions); full-year guidance excluding the divested group will be issued after the closing.