Leggett & Platt, Incorporated (LEG)

Leggett & Platt was founded in 1883 in Carthage, Missouri, where it remained headquartered, by J.P. Leggett and his brother-in-law C.B. Platt. The business started with an invention of a spring-based bed support, and over more than a century it became a diversified manufacturer of engineered components used in bedding, furniture, automotive seating and other products. It became a long-time New York Stock Exchange listed company under the ticker LEG.

By the time of the transaction the company operated in three segments. Bedding Products supplied steel rods, drawn wire, innersprings, specialty foam and chemicals to mattress makers, and also included private-label finished mattresses. Specialized Products made automotive seating components such as lumbar support and massage systems, as well as products for aerospace and mobile equipment. Furniture, Flooring and Textile Products produced mechanisms and hardware for furniture, carpet cushion, flooring underlayment and structural fabrics.

Leggett's results were affected in recent years by weaker demand in residential furniture and bedding, higher costs, and a decline in housing-related activity. The company undertook restructuring, closed or consolidated facilities, and reduced its dividend as it focused on cash flow and debt reduction. Its share price had fallen considerably from earlier highs.

Somnigroup International, formerly Tempur Sealy International and the owner of the Tempur-Pedic, Sealy and Stearns & Foster brands as well as Mattress Firm, agreed in 2026 to acquire Leggett & Platt in an all-stock transaction. Shareholder approval was sought through a proxy statement, and regulatory clearance was received in the weeks before the closing.

The transaction was completed on August 26, 2026. Each share of Leggett common stock was converted into the right to receive 0.1455 shares of Somnigroup common stock, with cash paid only in place of fractional shares. Leggett became an indirect wholly owned subsidiary of Somnigroup, eight directors including Karl Glassman and Phoebe Wood stepped down at closing, and the company repaid its credit agreement borrowings and terminated its commercial paper program. Leggett notified the NYSE to suspend trading and delist the stock, and a Form 25 was filed on August 27, 2026.