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Leggett & Platt Announces Dividend And Annual Meeting Results

Stocks in this article: LEG

CARTHAGE, Mo., May 9, 2013 /PRNewswire/ --

  • Second quarter dividend is $.29 per share, an increase of 3.6% versus 2Q 2012
  • Indicated dividend yield is 3.5%, one of the highest among the S&P 500
  • Annual Meeting addressed four items of business; voting aligned with Board recommendations
  • Board of Directors elected David S. Haffner as Chair

Leggett & Platt's Board of Directors announced a dividend of $.29 per share for the second quarter, a 3.6% increase versus the dividend declared in the second quarter 2012.  The dividend will be paid on July 15, 2013 to shareholders of record on June 14, 2013.

At an annual indicated dividend of $1.16 per share, the yield is 3.5%, based upon yesterday's closing stock price of $33.26 per share.  Accordingly, Leggett & Platt possesses one of the highest dividend yields among the S&P 500 companies.

A member of Standard & Poor's Dividend Aristocrats, Leggett & Platt has increased its annual dividend for 42 consecutive years at an average compound growth rate of over 13%, a record only two other S&P 500 companies have attained.

Annual Meeting Results The annual meeting of Leggett & Platt shareholders was held this morning in Carthage, Missouri.  Shareholders elected as directors the 11 nominees proposed by the Board; ratified the selection of PricewaterhouseCoopers as the company's independent registered public accountant for 2013; approved the compensation of the company's executive officers; and rejected a shareholder proposal regarding the company's written non-discrimination policy.  No other proposals were voted upon.

The Board of Directors today elected David S. Haffner as Chair. Haffner has served Leggett & Platt as CEO since 2006, and will continue in that capacity; he has been a director since 1995, and has held various management roles for three decades. Haffner succeeds Richard T. Fisher, who was today elected Vice Chair and Lead Director. Fisher served as Chair for 2008-2013, as Presiding Director for 2003-2008, and joined the company's board in 1972.

FOR MORE INFORMATION: Visit Leggett's website at www.leggett.com.

COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a broad variety of engineered components and products found in most homes, offices, and automobiles. The 130-year-old firm is comprised of 20 business units, 18,000 employee-partners, and 130 manufacturing facilities located in 17 countries.

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