JANUARY 20, 2024 — MAJOR CHANGES AND LAYOFFS AHEAD: HUNDREDS OF EMPLOYEES ARE AT RISK
The company has announced restructuring plans to close up to 15 facilities from its bedding operations production and distribution footprint and is looking to restructure its product strategy.
In addition to the bedding facilities, the company said it will consolidate a small number of production facilities in home furniture and flooring products to better align capacity with regional demand and drive operating efficiencies.
According to CEO and President Mitch Dolloff, “We are taking actions to create a more focused, agile organization with a portfolio of products and operating footprint aligned with the markets we serve. The bedding market has experienced unprecedented change in recent years, and the competitive landscape has continued to evolve. Reshaping our Bedding Products strategy is expected to better position us for long-term success as the leading provider of bedding solutions across the value chain. In addition, optimizing our operating footprint in both Bedding Products and Furniture, Flooring & Textile Products will reduce complexity and enhance the efficiency of our business. Looking forward, we expect to advance key product growth, improve profitability, and drive enhanced value for customers and shareholders.”
DECEMBER 21, 2018 — Original post…
Carthage, Missouri-based Leggett & Platt, a diversified manufacturer of bed-making machinery and other products has decided to restructure its under-performing bed manufacturing operation in Linwood, North Carolina. Approximately 172 employees, primarily production workers, will be laid off. Affected employees include assemblers, machine operators, welders, and painters, along with 23 clerical, administrative, and management positions.
According to Karl Glassman, President and CEO, “The Fashion Bed and Home Furniture businesses have under-performed expectations in recent quarters, primarily from weaker demand and higher raw material costs. An in-depth analysis of these businesses was conducted, and we are exiting low-margin businesses, reducing operating costs, and eliminating excess capacity. These actions should enable improved operating performance in these businesses, starting in 2019.
This is a relatively minor adjustment for an S&P 500 company “comprised of 14 business units in four segments, with approximately 22,500 employees, and 120 production facilities located in 18 countries around the world.
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