Leggett & Platt's Porter International facility at 131 Zapletal Way in Carthage was sold at the end of February to ABM International, according to an article posted this afternoon on Furniture Today.
The sale is part of Leggett & Platt's restructuring.
ABM International purchased Gribetz International in Sunrise, Florida, and the Porter International facility, both of which made up Legget's Global Systems Group.
According to the Furniture Today article, Paul Block, who has been president of sales for Leggett's Global Systems Group for 15 years, will manage the two facilities as a division of ABM International.
In addition to the real estate deal, 70 employees that work in the two new factories remain with the new division. Block said the sales, service and support teams that the organization’s customers have worked with in the past are in place under the new ownership structure.
5 comments:
The sale is part of Leggett & Platt's restructuring. You will see other pieces of the Leggett & Platt Company become available to outside Buyers as they try and Save this 142 Year Old Company - because of Mismanagement in the last several years - as its Stock Values dropped from $57.21 on May 7, 2021 - to its Current Closing of Today at $8.25. People use to be able to use this Company as Dividend Producer for their Retirements - Not Any More - -
That's what happens when you try to yield trap. They had it coming with the crazy high dividends. Not sustainable long term. Kudos to those who took advantage.
L&P has been fighting Chinese beds and furniture for ages. You can't pay a fair wage and make a profit against a competitor who doesn't pay fair wages.
Truth! Well said 1:59.
Tariffs! Beautiful word.
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