Leggett & Platt (LEG) Completes Divestiture of Aluminum Products Segment
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Leggett & Platt (NYSE: LEG) today announced that it has divested its aluminum products segment for $300 million in cash, a $25 million subordinated note, and preferred stock. This transaction did not result in a significant book gain or loss. As previously announced, Leggett intends to use a substantial portion of the cash proceeds to repurchase its stock.
LEG also announced that 6 other business units are on track to be liquidated or divested during 2008.
Leggett & Platt, Incorporated engages in the design and production of a range of engineered components and products worldwide.
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