Leggett adds five business development personnel

Four directors of business development and a vice president of business development were hired for Leggett’s residential furnishings, commercial fixturing and components, aluminum products, industrial materials and specialized products segments. The new employees are responsible for making sure their respective segments achieve profitable growth through internal expansion and external acquisitions.

The hirings are in line with the company’s plan, announced in September, to achieve profitable growth. Leggett is targeting an 8 percent to 10 percent annual growth in sales, margin improvements, reductions in share count and a 10 percent annual growth in earnings per share.

Within two years, Leggett hopes to attain a 20 percent gross margin, an 11 percent earnings-before-interest-and-tax margin on trade sales and a 7 percent net margin. Earnings per share in 2006 are expected to be between $1.55 and $1.75; third-quarter earnings per share reported in October were 45 cents, compared to 28 cents a year before.

Leggett is renewing its concentration on innovation and product development and enhancing its efforts to uncover new growth platforms, according to a company news release. A senior-level position has been created that’s responsible for companywide engineering and innovation; there also are plans to establish a group that would report to CEO David Haffner on trends and opportunities in growing markets.

Leggett’s New Directors

• Joseph D. Harris, director of business development for residential furnishings, previously worked in Leggett’s mergers and acquisitions department.

• Jay M. Thompson, director of business development for commercial fixturing and components, previously was general manager at one of Leggett’s fixture-manufacturing facilities.

• Steffan B. Sarkin, vice president of business development for aluminum products, previously oversaw all merger, acquisition and divestiture activity in that segment.

• C. David Brown, director of business development for industrial materials, previously worked as an analyst in Leggett’s investor relations department.

• J. Mitchell Dolloff, director of business development for specialized products, previously was president of Leggett’s tubular products unit in the industrial materials segment.

This story originally appeared in SBJ’s Dec. 6 free e-news Daily Update. Click here to register.