(From Leggett & Platt)Leggett & Platt announced today it successfully completed the sale of its Aerospace Products Group to affiliated funds managed by Tinicum Incorporated.
The transaction is expected to result in after-tax proceeds of approximately $250 million. Proceeds will be used primarily to pay down debt and strengthen the Company's balance sheet and leverage ratio.
This divestiture was part of the outcome of the strategic business review to identify and focus on businesses that align with the Company's long-term goals.
The Aerospace Products Group is a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms and space launch vehicles. The business is comprised of seven manufacturing facilities located in the U.S., UK, and France and approximately 700 employees with net trade sales of $190 million in 2024.
The Aerospace Products Group is a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms and space launch vehicles. The business is comprised of seven manufacturing facilities located in the U.S., UK, and France and approximately 700 employees with net trade sales of $190 million in 2024.
1 comment:
This is Funny - "This divestiture was part of the outcome of the strategic business review to identify and focus on businesses that align with the Company's long-term goals". WHAT A BUNCH OF DOUBLE SPEAK!
The Real Reason is - Utter Piss Poor Mismanagement. Just 4-Years ago their Stock was at $57.53 a Share - Today it is at $9.61 a Share - Talk about Losing Value - All the while Firing the last Worthless CEO, giving him a Large Bonus and then keeping him on an Extended Contract - Can we say - STUPID - The Board should shoulder this Burden and Responsibility for part of the Downfall of Leggett & Platt who people would buy their Stock for their current and future Retirements - Not any more!
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