About the Company
Leggett & Platt is recognised as one of the largest bedding and furniture manufacturers in the United States. It is headquartered at Carthage, Missouri and has over 23,000 employee-partners. It was founded in 1901, comprising 17 business units and had 145 manufacturing facilities spread across 18 countries.
Its history dates back to 1883. J.P. Leggett, an inventor, thought of a spiral steel coil bedspring and took the idea to his would-be brother-in-law C.B. Platt. They patented the L&P bedspring in 1885.
This company is a pioneer in launching the bedspring industry in America. There are 4 distinct segments of this company: residential products, specialised products, furniture products and industrial products. It specialises in manufacturing adjustable beds, bedding, automotive, aerospace, work furniture, home furniture, machinery, flooring products, hydraulic cylinders, and foam.
In 1967, Leggett & Platt Inc. made 50,000 shares public and traded them over the counter at $10 per share. In 1971, the Leggett & Platt shares were listed on NASDAQ, whereas, in 1979, the company got listed on the NYSE and started trading under the ticker symbol 'LEG'. Later, in 1999, the company was added to the S&P 500 Index.
This company began its quest of mergers and acquisitions in 1984 by acquiring the Gordon Manufacturing Co., based in Michigan. It also acquired VWR Textiles & Supplies Inc. and Hanes Holding Company in 1993. A year later, Leggett & Platt also acquired the Fashion Bed Group, which is acknowledged as the United States' largest metal bed manufacturer.
However, its largest acquisition was recorded in 2018 when this company acquired $1.3 billion of the Elite Comfort Solutions. One of this company's largest disclosed sales was carried out in 2014 when the Leggett & Platt Store Fixtures Group was sold to Lozier for $62 million.
In total, Leggett & Platt acquired 79 companies which were then integrated into its residential furnishing division by the year 2000. Similarly, 37 firms were purchased to expand commercial furnishings, whereas 9 acquisitions were related to its aluminium product division. Likewise, 21 additions were made in the segment of specialised products, and 10 were a part of the industrial materials line. Notably, furniture and manufacturing are the most targeted sectors of this company.;
|Organisation||Leggett & Platt Incorporated|
|Industry||Furnishings, Fixtures & Appliances|