WASHINGTON (dpa-AFX) - Leggett & Platt said it is implementing a
Restructuring Plan primarily in its Bedding Products segment and to a lesser
extent, in its Furniture, Flooring & Textile Products segment. The company plans
to consolidate certain locations across the Bedding Products segment, reducing
manufacturing and distribution footprint of 50 facilities to approximately 30 to
35 facilities.

Leggett & Platt expects the restructuring actions to generate $40 to $50 million
in EBIT benefit on an annualized run-rate basis when fully implemented in late
2025. The company expects to incur restructuring and restructuring-related costs
of $65 to $85 million, of which approximately half are anticipated to be
incurred in 2024 and the remainder in 2025.

In connection with the Restructuring Plan, Leggett & Platt is withdrawing
previously stated Total Shareholder Return goal of 11-14% and financial targets.
Unrelated to the Restructuring Plan, the company is impairing an estimated $450
million of long-lived assets associated with prior year acquisitions in the
Bedding Products segment.



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