Leggett & Platt inks $285M deal to sell aerospace unit

Carthage-based manufacturer Leggett & Platt Inc.'s (NYSE: LEG) stock price traded at a new 52-week low this morning following the announcement that the company would sell its international aerospace products division.

Leggett & Platt reached a $285 million deal to sell the aerospace products group to affiliated funds managed by New York City-based Tinicum Inc., according to a news release issued yesterday. After-tax cash proceeds are estimated at roughly $240 million, with the agreement requiring regulatory approvals to close later this year.

The aerospace unit had 2024 net trade sales of $190 million, with seven manufacturing facilities employing around 700 people in the United States, United Kingdom and France. The division supplies tube and duct assemblies for use in commercial and military aircraft platforms and space launch vehicles.

"This divestiture is part of the ongoing strategic business review, aimed at determining which businesses are the right long-term fit for the company," Leggett & Platt officials said in the release.

Leggett & Platt in January 2024 announced a restructuring plan that includes plant closures and workforce reductions, according to past reporting.

During 2024, Leggett & Platt had a net loss of $511.5 million, which compares with a net loss of $136.8 million in 2023.

LEG stock’s 52-week low hit this morning is $7.34 per share. The stock's 52-week high is $19.33 per share.