CARTHAGE, Mo. — Leggett & Platt has announced an agreement to sell its Aerospace Products Group to affiliated funds managed by Tinicum Inc. for a cash purchase price of $285 million. The transaction is expected to close in 2025 after all closing conditions are met, including regulatory approval.
According to Leggett & Platt, 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 U.S., U.K., and France.”
It has about 700 employees with net trade sales of $190 million in 2024, the company reported.
“This divestiture is part of the ongoing strategic business review, aimed at determining which businesses are the right long-term fit for the company,” Leggett & Platt said in its announcement.
The Carthage-based company has also been divesting itself of other operations.
Earlier this year, Houston-based ABM International announced it had purchased part of Leggett & Platt’s Global Systems Group, which includes a plant on Zapletal Way in Carthage.
ABM said at the time: “The acquisition includes 70 high quality employees, over 100,000 square feet of additional state-of-the-art manufacturing facilities, unmatched engineering capabilities, and top-notch service and support.”
Furniture Today, an industry magazine and website, said in an article at the time that the acquisition also includes a factory in Sunrise, Florida.
In January 2024, Leggett & Platt announced a restructuring plan that would primarily affect its bedding products segment and to a lesser extent its furniture, flooring and textile products segment, saying it planned to consolidate locations and reduce its manufacturing and distribution footprint to 30 to 35 plants from 50 plants.
It also said it expected to reduce workforce levels over time by 900 to 1,100.
Since then, it has announced several plant closings around the country.