Leggett & Platt discloses temporary layoffs

Leggett & Platt Inc. (NYSE: LEG) disclosed temporary layoffs in a filing this week with the Missouri Division of Workforce Development.

The Worker Adjustment and Retraining Notification Act filing April 6 indicates 422 layoffs were made three days earlier at Leggett's bedding component manufacturing plant in Carthage. As of Dec. 31, the company had 22,000 employees at 140 manufacturing plants in 18 countries.

"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 Carthage-based manufacturer of engineered components and products for homes, offices and vehicles last week issued a news release on its response to the COVID-19 pandemic.

Leggett & Platt officials said some facilities have been temporarily closed amid "significant reductions in demand."

"We have instituted social distancing and robust health and hygiene practices in our facilities, and our employees are working remotely where possible," Chairman and CEO Karl Glassman said in the release. "We are also continuing to restrict travel for all employees. We are monitoring the situation closely on an ongoing basis and will take further action as appropriate."

LEG shares were trading at $27.75 as of 10:07 a.m., compared with a 52-week range of $22.03 to $55.42. The company's shares have dropped in value with others in the stock market amid the coronavirus pandemic.