Leggett & Platt to sell its Aerospace Products Group for $285M

Leggett & Platt has signed an agreement to sell its Aerospace Products Group to affiliated funds managed by Tinicum Incorporated for a cash purchase price of $285M 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 $240M. 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 $190M 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. 2025 full year guidance excluding the Aerospace Products Group will be issued after the transaction closes. Lazard is serving as exclusive financial advisor and Freshfields is serving as legal advisor to Leggett & Platt in this transaction.