Leggett’s new strategy focuses on innovation

The new strategy, called Worldwide Innovation Network, or WIN, 70/30, includes the creation of a research and development center, a new Web site and an engineering council. Under the new direction, the company expects at least 70 percent of its new innovations to come from within, and the remaining 30 percent to come from external sources such as inventors, universities and company collaborations.

“L&P’s future success in the global marketplace will depend heavily on our ability to fully leverage our broad and deep resources, especially in the critical area of product development,” said Vincent Lyons, vice president of engineering and product development, in a news release.

Research and development will take place in the company’s $5 million to $7 million, 30,000-square-foot IDEA Center in Carthage. IDEA stands for innovation, design, engineering and acceleration. Officials dedicated the center, constructed by Crossland Construction Co., during a public ceremony March 13.

The 84 IDEA Center employees work in the company’s machinery, engineering and technology divisions, according to Tony Garrett, a Leggett & Platt vice president and president of its Global Systems Group.

Leggett’s new innovation Web site, www.leggettinnovation.com, allows anyone – from its employees to the general public – to submit ideas to the company. Employees who submit ideas that are accepted, developed or contribute significantly to the company will be presented with the J.P. Leggett Innovators Award.

Additionally, Leggett has created a 15-member engineering council that will evaluate innovation ideas and identify synergy opportunities.

The new strategy comes less than three months after the company hired five new employees – four directors of business development and a vice president of business development – to ensure the company’s different segments achieve profitable growth through internal expansion and external acquisitions.

The Carthage-based company manufactures home and office furnishings, retail store displays, nonautomotive aluminum die castings, drawn steel wire, automotive seat systems, carpet underlay, and beds and bedding industry machinery.

Shares closed March 13 at $23.08, compared to a 52-week range of $21.93 to $27.04.

Joplin Tri-State Business Editor Jeff Wells contributed to this report.