The first shoe has dropped following Leggett & Platt's merger with Somnigroup.
The company announced Wednesday it will be closing its Leitchfield, Kentucky plant putting 145 people out of work.
The company's press release says the closure is due to a need to consolidate operations. The closure is expected by the end of the year.
2 comments:
And so it begins…
Exactly what I predicted and clearly stated in previous Leggett & Platt articles. Leggett & Platt and their worthless Board of Directors had no problems laying off the previous CEO, after the stock went from $48.02 down to $9.20 a share and then giving him a $1-Million Dollar Salary and Benefits / Bonuses package for another 1-year and making sure the Board of Directors was taken care of in the selling of the company - they sleep tight while all their plant employees are counting down the days until their facility is closed and they are looking for jobs.
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