Leggett, a supplier of furniture and bedding components, said it received $300 million in cash and a $25 million subordinated note. In addition, the company received shares of preferred stock worth up to $25 million, depending on the segment’s future performance.
The sale is a key piece of a broad restructuring plan announced last November. The company said it expects to complete the sale or liquidation of six other much smaller business units by the end of the year.
Thursday, July 17, 2008
Leggett & Platt sells aluminum unit
Carthage-based Fortune 500 company Leggett & Platt announced it has sold its aluminum unit to the investment firm of Kenner & Co. for $350 million:
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