WASHINGTON (dpa-AFX) - Leggett & Platt, Inc. (LEG) announced Wednesday the signing of an agreement to sell its Aerospace Products Group to affiliated funds managed by Tinicum, Inc. for a cash purchase price of $285 million, before customary working capital and debt-type adjustments.
The transaction is expected to close in 2025 as soon as all closing conditions are met, including necessary regulatory approvals. The after-tax cash proceeds are expected to be approximately $240 million.
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., UK, and France and approximately 700 employees with net trade sales of $190 million in 2024.
This divestiture is part of the ongoing strategic business review, aimed at determining which businesses are the right long-term fit for the company.
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