Leggett & Platt discloses more furloughs

Leggett & Platt Inc. (NYSE: LEG) disclosed 215 more temporary layoffs in Carthage, bringing the company’s furlough count to at least 637 amid the coronavirus pandemic.

The manufacturer announced the furloughs in an April 22 Worker Adjustment and Retraining Notification Act filing with the Missouri Division of Workforce Development.

"These layoffs will continue indefinitely, but are intended to be temporary and last less than six months," the filing reads. "We are taking these employment actions because of COVID-19-related business circumstances that were not reasonably foreseeable."

The temporary cuts, which started March 23, impact a plant in Carthage – just off of Interstate 49 – that produces insulation components for the bedding industry through the company's Flex-O-Lators division.

The Carthage-based manufacturer of engineered components and products for homes, offices and vehicles earlier this month disclosed in a WARN notice that it made temporary layoffs at a separate plant in its hometown. The furloughs impacted 422 employees at a bedding component manufacturing plant in Carthage.

Leggett & Platt recently disclosed in a U.S. Securities and Exchange Commission filing that its top five executives last year collectively posted total compensation of more than $20 million.

LEG shares were trading at $31.66 as of 11:18 a.m., compared with a 52-week range of $22.03 to $55.42 per share.