This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Leggett & Platt To Acquire Western Pneumatic Tube

CARTHAGE, Mo., Dec. 20, 2011 /PRNewswire/ -- Leggett & Platt (NYSE:LEG) today announced the signing of a definitive agreement to acquire Western Pneumatic Tube Holding, LLC, a leading provider to the aerospace industry of integral components for critical aircraft systems.  The transaction is structured as a cash purchase at an enterprise value of $188 million, is subject to customary closing conditions including regulatory clearance, and is expected to close by January 31, 2012. The operations will constitute a new, stand-alone business unit within Leggett & Platt's Industrial Materials segment. The acquisition is expected to be slightly accretive to Leggett & Platt's EPS in the first year.

Western's current annual sales are approximately $60 million and rising, reflecting strong anticipated industry growth. The company is based in Kirkland, Washington, with an additional facility near San Diego, California. Western specializes in fabricating thin-walled, large diameter, welded tubing and specialty formed products from titanium, nickel-based alloys, stainless steels and other high strength metals for leading aerospace suppliers and OEMs. Western's products are utilized in demanding environments where product integrity and durability are paramount. Requirements regarding weight, corrosion, wear, and extreme temperature differentials necessitate the use of advanced, difficult-to-process alloys. The products are integral components of critical aircraft systems including fuel, hydraulic, pneumatic, environmental, stability, life support and cooling.

David S. Haffner, Leggett & Platt's President and CEO, said, "We are excited about Western, an advantageously positioned provider of integral, value-added components with significant technical content. Our strategic, long-term, 4-5% annual growth objective envisions periodic acquisition of companies exactly like Western: high-quality businesses with secure, leading positions in growing, profitable, attractive markets. Given Western's competitive position and Leggett's keen familiarity with tubing manufacturing and metal-working processes, this acquisition—our largest since we changed strategic direction in late 2007—is an excellent match for Leggett."

FOR MORE INFORMATION: Visit Leggett's website at

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a variety of engineered components and products that can be found in most homes, offices, and automobiles. The 128-year-old firm is comprised of 19 business units, 18,000 employee-partners, and 130 manufacturing facilities located in 18 countries.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.78 -2.20%
FB $116.53 -0.17%
GOOG $692.58 0.23%
TSLA $244.44 -1.30%
YHOO $36.43 -0.44%


Chart of I:DJI
DOW 17,714.10 -116.66 -0.65%
S&P 500 2,061.76 -14.05 -0.68%
NASDAQ 4,768.6990 -36.5920 -0.76%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs