Acquisition boosts Leggett & Platt revenues $150 mil

Leggett acquired America’s Body Co., a designer, manufacturer and supplier of equipment for vans and light- and medium-duty commercial trucks.

Ohio-based America’s Body has 580 employees and 10 operating facilities, and its proprietary products represent about 40 percent of current sales.

The acquisition makes Leggett the second-largest supplier in the United States for light- and medium-duty commercial truck equipment.

Leggett last month acquired five new companies, including three in Asia, that added about $85 million to company revenue.

Meanwhile, the company’s board approved a 50 percent increase in the 2005 share repurchase authorization to 15 million shares. The previous set limit was 10 million shares.

So far this year, the company has repurchased 8.3 million, or 4.2 percent, of its shares.

On Nov. 2, Leggett declared a fourth-quarter dividend of 16 cents per share, a 6.7 increase from a 15-cent dividend for the same quarter last year.

The dividend is payable Jan. 13 to shareholders of record Dec. 15.

Company shares (NYSE: LEG) closed Nov. 7 at $21.55, compared to a 52-week range of $18.19 to $30.68.

This story originally appeared in SBJ’s Nov. 3 e-news Daily Update. Click here to register.