Leggett & Platt sells aluminum unit
Division fetches about $350 million
By Furniture Today Staff -- Furniture Today, July 17, 2008
CARTHAGE, Mo. — Leggett & Platt announced Wednesday that it has completed the sale of its aluminum products segment to the investment firm of Kenner & Co. in a deal valued at about $350 million.
Leggett, a supplier of furniture and bedding components, said it received $300 million in cash and a $25 million subordinated note. In addition, the company received shares of preferred stock worth up to $25 million, depending on the segment’s future performance.
The sale is a key piece of a broad restructuring plan announced last November. The company said it expects to complete the sale or liquidation of six other much smaller business units by the end of the year.
Collectively, the seven businesses have annual sales of about $900 million, or roughly one-fifth of Leggett’s total revenues.
The aluminum products segment is North America’s largest independent manufacturer of non-automotive aluminum die castings.
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Nov 14, 2007 -
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