Leggett & Platt Signs Agreement to Sell its Aerospace Products Group
Leggett & Platt (NYSE: LEG) has announced the signing of an agreement to sell its Aerospace Products Group to Tinicum Incorporated's affiliated funds for $285 million, with expected after-tax proceeds of $240 million. The transaction is anticipated to close in 2025, subject to regulatory approvals.
The Aerospace Products Group, which generated $190 million in net trade sales in 2024, specializes in complex tube and duct assemblies for commercial and military aircraft platforms and space launch vehicles. The business operates seven manufacturing facilities across the U.S., UK, and France, employing approximately 700 people.
This divestiture is part of the company's ongoing strategic business review to optimize its portfolio. The company will issue updated 2025 guidance excluding the Aerospace Products Group after the transaction closes.
Leggett & Platt (NYSE: LEG) ha annunciato la firma di un accordo per vendere il suo Aerospace Products Group ai fondi affiliati di Tinicum Incorporated per 285 milioni di dollari, con proventi netti attesi dopo le tasse di 240 milioni di dollari. Si prevede che la transazione si concluda nel 2025, soggetta ad approvazioni regolatorie.
Il Aerospace Products Group, che ha generato 190 milioni di dollari in vendite nette nel 2024, è specializzato in complessi assemblaggi di tubi e condotti per piattaforme aeree commerciali e militari e veicoli di lancio spaziale. L'azienda gestisce sette stabilimenti di produzione negli Stati Uniti, Regno Unito e Francia, impiegando circa 700 persone.
Questa dismissione fa parte della continua revisione strategica aziendale per ottimizzare il proprio portafoglio. L'azienda emetterà una guida aggiornata per il 2025 escludendo il Aerospace Products Group dopo la chiusura della transazione.
Leggett & Platt (NYSE: LEG) ha anunciado la firma de un acuerdo para vender su Aerospace Products Group a los fondos afiliados de Tinicum Incorporated por 285 millones de dólares, con ingresos netos esperados después de impuestos de 240 millones de dólares. Se anticipa que la transacción se cierre en 2025, sujeta a aprobaciones regulatorias.
El Aerospace Products Group, que generó 190 millones de dólares en ventas netas en 2024, se especializa en ensamblajes complejos de tubos y conductos para plataformas de aeronaves comerciales y militares, así como vehículos de lanzamiento espacial. La empresa opera siete instalaciones de fabricación en EE. UU., Reino Unido y Francia, empleando aproximadamente a 700 personas.
Esta desinversión es parte de la revisión estratégica continua de la empresa para optimizar su cartera. La empresa emitirá una guía actualizada para 2025 excluyendo el Aerospace Products Group después de que se cierre la transacción.
레게트 & 플랫 (NYSE: LEG)는 항공우주 제품 그룹을 티니컴(Tinicum Incorporated)의 관련 펀드에 2억 8500만 달러에 판매하기로 합의했다고 발표했습니다. 세후 예상 수익은 2억 4000만 달러입니다. 이 거래는 규제 당국의 승인을 조건으로 2025년에 마무리될 것으로 예상됩니다.
항공우주 제품 그룹은 2024년에 1억 9000만 달러의 순 매출을 기록했으며, 상업 및 군용 항공기 플랫폼과 우주 발사 차량을 위한 복잡한 튜브 및 덕트 조립품을 전문으로 합니다. 이 사업체는 미국, 영국 및 프랑스에 걸쳐 7개의 제조 시설을 운영하며, 약 700명의 직원을 고용하고 있습니다.
이번 매각은 회사의 포트폴리오 최적화를 위한 지속적인 전략적 사업 검토의 일환입니다. 거래가 완료된 후 항공우주 제품 그룹을 제외한 2025년 업데이트된 가이드를 발표할 예정입니다.
Leggett & Platt (NYSE: LEG) a annoncé la signature d'un accord pour vendre son Aerospace Products Group aux fonds affiliés de Tinicum Incorporated pour 285 millions de dollars, avec des produits nets après impôts attendus de 240 millions de dollars. La transaction devrait se clôturer en 2025, sous réserve des approbations réglementaires.
Le Aerospace Products Group, qui a généré 190 millions de dollars de ventes nettes en 2024, se spécialise dans les assemblages complexes de tubes et de conduits pour les plateformes d'avions commerciaux et militaires ainsi que pour les véhicules de lancement spatial. L'entreprise exploite sept installations de fabrication aux États-Unis, au Royaume-Uni et en France, employant environ 700 personnes.
Cette cession fait partie de l'examen stratégique continu de l'entreprise pour optimiser son portefeuille. L'entreprise publiera des prévisions mises à jour pour 2025, excluant le Aerospace Products Group, après la clôture de la transaction.
Leggett & Platt (NYSE: LEG) hat die Unterzeichnung einer Vereinbarung bekannt gegeben, um seine Aerospace Products Group an die angeschlossenen Fonds von Tinicum Incorporated für 285 Millionen Dollar zu verkaufen, mit erwarteten Nettoprovenienzen nach Steuern von 240 Millionen Dollar. Die Transaktion wird voraussichtlich 2025 abgeschlossen, vorbehaltlich der behördlichen Genehmigungen.
Die Aerospace Products Group, die im Jahr 2024 190 Millionen Dollar an Nettoumsatz generierte, ist auf komplexe Rohr- und Kanalassemblierungen für kommerzielle und militärische Flugzeugplattformen sowie Raumfahrzeuge spezialisiert. Das Unternehmen betreibt sieben Produktionsstätten in den USA, Großbritannien und Frankreich und beschäftigt etwa 700 Mitarbeiter.
Diese Veräußerung ist Teil der laufenden strategischen Geschäftsprüfung des Unternehmens zur Optimierung seines Portfolios. Das Unternehmen wird nach Abschluss der Transaktion eine aktualisierte Prognose für 2025 ohne die Aerospace Products Group herausgeben.
- Sale will generate significant cash proceeds of $240 million after tax
- Strategic portfolio optimization through divestiture of non-core business
- Clean exit from aerospace segment with complete sale of division
- Loss of $190 million in annual revenue stream from aerospace division
- Reduction in business diversification and market presence
- Potential transaction risks including regulatory approval requirements
Insights
Leggett & Platt's decision to divest its Aerospace Products Group for
This transaction is particularly noteworthy when analyzing the company's current market capitalization of about
The divestiture aligns with management's ongoing strategic business review to optimize the company's portfolio. While the aerospace segment represented a technical capability within Leggett's manufacturing expertise, it didn't necessarily align with the company's core competencies in residential products and automotive components. This streamlining could improve operational focus and potentially enhance margins in remaining segments.
The transaction's impact on overall financial performance will require careful monitoring once completed, but the immediate cash benefit and strategic rationale suggest this is a positive development for shareholders seeking a more focused business model and strengthened balance sheet.
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
This divestiture is part of the ongoing strategic business review, aimed at determining which businesses are the right long-term fit for the company.
2025 full year guidance excluding the Aerospace Products Group will be issued after the transaction closes.
Lazard is serving as exclusive financial advisor and Freshfields is serving as legal advisor to Leggett & Platt in this transaction.
FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products that can be found in many homes and automobiles. The 142-year-old Company is a leading supplier of bedding components and private label finished goods; automotive seat comfort and convenience systems; home and work furniture components; geo components; flooring underlayment; hydraulic cylinders for material handling and heavy construction applications; and aerospace tubing and fabricated assemblies.
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," regarding the timing and closing of the transaction, whether the transaction occurs at all, the amount of after-tax cash proceeds, and post customary cash, working capital, and debt-type adjustments. These statements are identified either by the context in which they appear or by use of words such as "expect," "anticipate," "guidance" or the like. Such statements are expressly qualified by the cautionary statements described in this section and reflect only the beliefs, expectations, and assumptions of Leggett at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties, and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, Leggett does not have, and does not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. For all of these reasons, forward-looking statements should not be relied upon as a prediction of actual future events, objectives, strategies, trends, or results. It is not possible to list all risks, uncertainties, and developments that may cause actual events or results to differ from forward-looking statements. Some of these risks and uncertainties include: (i) the occurrence of any event, change, or other circumstance that could give rise to the termination of the agreement to sell Leggett's Aerospace Products Group; (ii) the possibility that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, in a timely manner or at all, including the risk that a governmental entity may prohibit, delay, or refuse to grant approval for the consummation of the transaction, or may require conditions, limitations, or restrictions in connection with such approvals; (iii) the risk that the transaction may not be completed within the expected timeframe, or at all; (iv) the risk that the debt financing to be provided by the third-party lender falls through; (v) unexpected costs, charges, or expenses resulting from the transaction; and (vi) other risk factors as detailed from time to time in Leggett's reports filed with the SEC, including its annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.
CONTACT: Investor Relations, (417) 358-8131 or invest@leggett.com
Cassie J. Branscum, Vice President, Investor Relations
Katelyn J. Pierce, Analyst, Investor Relations
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SOURCE Leggett & Platt Incorporated
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