Leggett & Platt, Incorporated designs, manufactures, and markets engineered components and products worldwide. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, foam chemicals and additives, innersprings, specialty foams, private label finished mattresses, mattress foundations, wire forms for mattress foundations, adjustable beds, industrial sewing and quilting machines, and mattress packaging and glue drying equipment, as well as machines to produce innersprings for industrial users of steel rods and wires, manufacturers of finished bedding, big box and e-commerce retailers, bedding brands and mattress retailers, department stores, and home improvement centers. It also provides mechanical and pneumatic lumbar support and massage systems for automotive seating; seat suspension systems, motors and actuators, and cables; titanium, nickel, and stainless-steel tubing, formed tubes, tube assemblies, and flexible joint components for fluid conveyance systems; and engineered hydraulic cylinders to automobile OEMs and Tier 1 suppliers, aerospace OEMs and suppliers, and mobile equipment OEMs. In addition, the company offers steel mechanisms and motion hardware for reclining chairs, sofas, sleeper sofas and lift chairs; springs and seat suspensions; components and private label finished goods for soft seating; and bases, columns, back rests, casters, and frames, as well as control devices for chairs. Further, it offers carpet cushion and hard surface flooring underlayment, structural fabrics, and geo components to manufacturers of upholstered and office furniture, flooring retailers and distributors, contractors, landscapers, road construction companies, retailers, government agencies, and mattress and furniture producers, as well as manufacturers of packaging, filtration, and draperies. The company was founded in 1883 and is based in Carthage, Missouri.
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1. The 'Intel Inside' for mattresses, furniture, and car seats.
2. A diversified industrial components manufacturer, similar to a less consumer-facing Bosch or 3M.
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- Bedding Components: Engineered innersprings, specialty foams, and adjustable bed bases for mattresses and other bedding products.
- Automotive Seating Components: Lumbar support and suspension systems used in vehicle seating.
- Aerospace Products: Engineered composite structures and fabricated tube assemblies for commercial and military aircraft.
- Hydraulic Cylinders: Custom-engineered hydraulic cylinders for construction, material handling, and other industrial equipment.
- Furniture Components: Motion mechanisms and structural components for residential and office furniture.
- Carpet Cushion: Underlayment products designed for carpet installations.
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Leggett & Platt (LEG) Major Customers
Leggett & Platt (LEG) primarily operates on a **business-to-business (B2B)** model, selling components and finished products to other companies rather than directly to individual consumers.
Leggett & Platt's public filings generally do not disclose specific major customers by name because no single customer typically accounts for 10% or more of their net sales. This indicates a diversified customer base across numerous manufacturers and industries.
However, based on their product segments and offerings, their major customers are companies within the following categories. We can list examples of public companies that operate within these sectors, which represent the types of customers Leggett & Platt serves, though they are not necessarily confirmed direct major customers of LEG:
* **Bedding Manufacturers:** Companies that produce mattresses, box springs, adjustable bases, and other sleep products.
* Example: **Tempur Sealy International, Inc.** (Symbol: **TPX**)
* Example: **Purple Innovation, Inc.** (Symbol: **PRPL**)
* **Furniture Manufacturers:** Producers of residential and commercial upholstered furniture, recliners, office seating, and other furniture pieces.
* Example: **La-Z-Boy Incorporated** (Symbol: **LZB**)
* Example: **MillerKnoll, Inc.** (Symbol: **KNL**)
* **Automotive Original Equipment Manufacturers (OEMs) and Tier 1 Suppliers:** Companies involved in the manufacturing of automobiles and their primary component suppliers.
* Example: **Ford Motor Company** (Symbol: **F**)
* Example: **General Motors Company** (Symbol: **GM**)
* Example: **Lear Corporation** (Symbol: **LEA**)
* Example: **Adient plc** (Symbol: **ADNT**)
* **Aerospace Manufacturers:** Companies that produce aircraft and aerospace components.
* Example: **The Boeing Company** (Symbol: **BA**)
* Example: **Airbus SE** (Symbol: **EADSY**)
* **Flooring Manufacturers and Distributors:** Companies producing carpet, carpet cushion, and other flooring products.
* Example: **Mohawk Industries, Inc.** (Symbol: **MHK**)
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Karl G. Glassman President and Chief Executive Officer
Mr. Glassman was appointed President and Chief Executive Officer in May 2024, and also serves as Board Chairman since 2020. He previously held the role of CEO from 2016 to 2021. With a tenure of 42 years at Leggett & Platt, he has served in various leadership capacities, including Chief Operating Officer and President of the former Residential Furnishings segment.
Benjamin M. Burns Executive Vice President and Chief Financial Officer
Mr. Burns was appointed Executive Vice President and Chief Financial Officer in June 2023. He joined Leggett & Platt in 2003 in the Internal Audit department and has held increasing roles of responsibility within the company, including Vice President – Internal Audit (2012), Vice President and Treasurer (2017), Vice President – Business Support Services (2019), Senior Vice President (2022), and Executive Vice President (2023). Before joining Leggett & Platt, he worked in internal audit positions for the Allstate Corporation. Mr. Burns holds a degree in accounting and an MBA from Pittsburg State University.
J. Tyson Hagale Executive Vice President, President – Bedding Products
Mr. Hagale serves as the Executive Vice President and President of Bedding Products for Leggett & Platt.
Ryan M. Kleiboeker Executive Vice President – Chief Strategic Planning Officer
Mr. Kleiboeker was appointed Executive Vice President – Chief Strategic Planning Officer in February 2024. Prior to this, he served as Senior Vice President – Chief Strategic Planning Officer from 2023 to 2024 and Vice President – Corporate Development and Financial Planning from 2020 to 2023. His career at the company also includes roles within operations from 2016 to 2020, and as Director of Corporate Development in 2015, with various other roles since 2005.
Jennifer J. Davis Executive Vice President – General Counsel
Ms. Davis holds the position of Executive Vice President – General Counsel at Leggett & Platt.
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Leggett & Platt (LEG) faces several key risks to its business, primarily driven by external economic factors and their impact on the company's core markets. The most significant risks include:
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Weak Demand in Cyclical End Markets: Leggett & Platt is significantly exposed to highly cyclical end markets, particularly residential products like mattresses and home furniture, and the automotive industry. The company has experienced persistently weak demand in these sectors, driven by factors such as high inflation, elevated interest rates, and reduced consumer discretionary spending. This has led to declining sales and lower volumes across various segments, directly impacting the company's revenue and profitability.
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Financial Strain and Elevated Debt: The sustained period of weak demand and shrinking margins has led to financial challenges for Leggett & Platt. The company's debt-to-EBITDA ratio remains elevated, and it has taken actions such as cutting its dividend distribution by 90% in April 2024 to conserve cash and reduce debt. This indicates significant financial stress and poses a risk to its financial health and long-term investor confidence.
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Raw Material Cost Volatility and Supply Chain Disruptions: Leggett & Platt is susceptible to fluctuations in the cost of raw materials, particularly steel, which is a major input for its products. Additionally, ongoing supply chain disruptions, including geopolitical risks and shortages impacting key components like semiconductors, can increase operational costs, compress profit margins, and hinder the company's ability to timely receive materials and deliver finished products.
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Leggett & Platt (symbol: LEG) operates in several key markets. The addressable market sizes for their main products and services are as follows:
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Bedding Products (innersprings, specialty foam, adjustable beds, private label finished goods):
- The global home bedding market was valued at approximately USD 112.6 billion in 2024 and is projected to reach USD 229.9 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.4% from 2025 to 2034.
- North America held the largest market share in the global home bedding market in 2024, accounting for 33.8% or USD 38.05 billion.
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Automotive Comfort and Convenience Systems (automotive seating components):
- The global automotive seating market was valued at USD 72.3 billion in 2024 and is estimated to register a CAGR of 3% between 2025 and 2034.
- The North America automotive seat market is expected to rise from US$13.9 billion in 2024 to US$20.3 billion by 2031, expanding at a CAGR of 5.6%.
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Hydraulic Cylinders:
- The global hydraulic cylinder market size was estimated at USD 16.82 billion in 2024 and is projected to reach USD 21.44 billion by 2030, growing at a CAGR of 4.4% from 2025 to 2030.
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Aerospace Tubing/Components:
- The global aerospace parts manufacturing market size was estimated at USD 913.13 billion in 2023 and is expected to reach USD 1233.24 billion in 2030, growing at a CAGR of 4.2% from 2024 to 2030.
- North America's aerospace parts manufacturing market held the largest revenue share of 51.7% in 2023.
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Steel Wire:
- The global steel wire market size was valued at USD 70.31 billion in 2024 and is expected to reach USD 113.77 billion by 2032, at a CAGR of 6.20%.
- Another estimate for the global steel wire market size indicates it was valued at USD 68.90 billion in 2023 and is projected to grow from USD 72.84 billion in 2024 to USD 114.59 billion by 2032, exhibiting a CAGR of 5.8%.
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Furniture, Flooring, and Textile Products (furniture components, carpet cushion, hard-surface flooring underlayment, and geo components):
- Specific addressable market sizes for these individual components are not explicitly available in the provided information.
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Leggett & Platt (NYSE: LEG) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and market recoveries:
- Benefits from Restructuring and Operational Efficiency: The company's comprehensive restructuring plan is a key driver, focusing on streamlining operations, consolidating production facilities, and enhancing manufacturing efficiency. These efforts are projected to yield an estimated $60 million to $70 million in annual run-rate EBIT benefits upon full implementation, which can enable more competitive pricing and free up capital for growth initiatives.
- Innovation and New Product Development: Leggett & Platt is actively pursuing innovation projects and launching new products, particularly within its finished bedding and textiles segments. This focus on new offerings is aimed at stimulating demand and creating fresh revenue streams.
- Recovery in Residential End Markets: A rebound in the global economy and growth in the housing market are anticipated to significantly benefit Leggett & Platt's Bedding and Furniture segments. Improved housing conditions typically lead to increased consumer spending on home furnishings, boosting demand for the company's components.
- Strategic Pricing and Favorable Tariff Environment: The company is expected to benefit from improved pricing power and the positive impact of tariffs on imported mattresses and components. These factors are poised to support revenue and gross margin gains, particularly for Leggett & Platt's U.S.-made products, by reducing competitive pressures from foreign imports.
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Share Repurchases
- Leggett & Platt had authorization to repurchase up to 10 million shares annually as of December 31, 2020.
- In 2020, share repurchases were limited to 240,000 shares, primarily for employee benefit plans, as the company prioritized debt repayment.
- For the first nine months of 2025, the company repurchased 0.2 million shares at an average price of $9.80, with expectations for minimal share repurchases for the full year 2025.
Share Issuance
- As of December 31, 2020, Leggett & Platt had 132.6 million shares outstanding.
- The number of shares outstanding increased to 138.5 million as of November 2025.
- In the first nine months of 2025, 1.3 million shares were issued through employee benefit plans.
Outbound Investments
- Leggett & Platt acquired Pacoma, a manufacturer of custom-made hydraulic cylinders, in September 2022.
- The company also acquired Kayfoam in June 2021.
Capital Expenditures
- Total capital expenditures in 2020 were $66 million, a 54% reduction compared to 2019, reflecting a strong focus on optimizing cash flow.
- For 2025, Leggett & Platt anticipates capital expenditures to be between $60 million and $70 million.
- A core capital allocation priority is to fund organic growth.
