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Leggett and Platt Inc  (LEG)
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Leggett and Platt Inc Segments

 
Residential Furnishings
   52.22 % of total Revenue
Commercial Fixturing & Components
   14.88 % of total Revenue
Industrial Materials
   10.2 % of total Revenue
Specialized Products
   22.69 % of total Revenue
 

Business Segments (Sep. 30. 2015)
Revenues
(in millions $)
III. Quarter
%
(of total Revenues)
(Sep. 30. 2015)
Income
(in millions $)
III. Quarter
%
(Profit Margin)
Residential Furnishings
527.00 52.22 % 58.20 11.04 %
Commercial Fixturing & Components
150.20 14.88 % 14.50 9.65 %
Industrial Materials
102.90 10.2 % 15.20 14.77 %
Specialized Products
229.00 22.69 % 38.00 16.59 %
Total
1,009.10 100 % 125.90 12.48 %

• View Income Statement • View Competition by Segment • View Annual Report

Growth rates by Segment (Sep. 30. 2015)
Y/Y Revenue
%
III. Quarter
Q/Q Revenue
%
(Sep. 30. 2015)
Y/Y Income
%
III. Quarter
Q/Q Income
%
Residential Furnishings
-9.74 % -2.39 % 63.03 % -43.66 %
Commercial Fixturing & Components
10628.57 % -5.83 % -80.95 % -22.87 %
Industrial Materials
-50.27 % -40.28 % -82.37 % -33.33 %
Specialized Products
7.26 % -5.84 % -22.29 % -50.65 %
Total
0.34 % -9.49 % -49.01 % -43.26 %

• View Growth rates • View Competitors Segment Growth • View Market Share

To get more information on Leggett And Platt Inc's Residential Furnishings, Commercial Fixturing & Components, Industrial Materials, Specialized Products, Total segment. Select each division with the arrow.

  Leggett And Platt Inc's

Business Segments Description



Overview of the Residential Furnishings Segment

Our largest segment is Residential Furnishings. Our beginnings stem from an 1885 patent of the steel coil bedspring. Today, we supply a variety of components used by bedding and upholstered furniture manufacturers in the assembly of their finished products. We strive for competitive advantages based on a low cost structure, strong customer relationships and our internal production of key raw materials, including steel rod, wire, tubing, and dimension lumber. Our wide range of products provides our manufacturing customers with a single source for many of the components they need. For example, a bedding manufacturer can come to us for almost every component part of a mattress and box spring, except the outer upholstery fabric. This is also true for manufacturers of upholstered recliner chairs, sofas and loveseats. We have long production runs and numerous production and assembly locations. Because of these advantages, we believe that we can generally produce component parts at a lower cost than our customers can produce the same parts for their own use. This allows our components customers to focus on the design, style and marketing of their residential furnishings products, rather than the production of components. Listed below are examples of components manufactured or distributed by our Residential Furnishings groups:

Bedding Components

Innersprings (which are the set of coil springs, bound together, that form the core of a mattress)

Wood frames, steel coils and wire forms for mattress box springs

Cut-to-size dimension lumber

Home Furniture Components

Springs and seat suspensions for chairs, sofas and loveseats

Steel mechanisms and hardware for reclining chairs, sleeper sofas and other types of motion furniture

Consumer Products

Bed frames, daybeds, ornamental fashion beds and headboards

Adjustable electric beds

Coated fabrics (e.g. rug underlay, placemats and shelf liners)

Fabric/Fiber/Foam

Foam and fiber cushioning materials

Fabrics for mattresses, residential furniture and industrial uses

Carpet underlay materials

Most of our Residential Furnishings customers manufacture finished bedding products (mattresses and box springs) or upholstered furniture for residential use. These customers generally sell to retailers and distributors. We also sell our complete consumer products directly to retailers and distributors.

Key Strategies

Our ability to develop new, proprietary products provides an ongoing opportunity to increase business with customers, including those who continue to make some of their own components. Many of our capabilities, including product innovation, are being used as we move into new regions of the world. Internationally, we locate our operations where demand for components is growing. Finally, we continue to look for acquisitions that expand our customer base, add new product lines or capabilities, or help establish a presence in new geographic regions.

Overview of the Commercial Fixturing & Components Segment

Our second largest segment is Commercial Fixturing & Components. This segment is divided into two groups, Fixture & Display and Office Furniture Components.

In the Fixture & Display group, our goal is to be the primary, or “one-stop,” fixture supplier of choice for our customers. We have capabilities that include design, production, installation and project management. Products manufactured by our Fixture & Display group include:

Custom-designed, full store fixture packages, including shelving, counters, point-of-purchase displays, showcases, garment racks and decorative woodwork for retailers

Standardized shelving used by large retailers, grocery stores and discount chains

Commercial storage racks and carts (material handling systems) used primarily in the food service and healthcare industries

Wire and steel racks, shelves and cabinets for the interior of service vans and utility vehicles

Our Office Furniture Components group manufactures:

Bases, columns, back rests, casters and frames for office chairs, and control devices that allow office chairs to be adjusted to height, tilt and swivel

Injection molded plastic components for manufacturers of lawn care products, power tools, and other consumer and commercial products

Customers of the Commercial Fixturing & Components segment include:

Retail chains and specialty shops

Brand name marketers and manufacturers

Food service companies, healthcare providers, restaurants, and light industrial companies

Office, institutional, and commercial furniture manufacturers

Telecommunication companies

Key Strategies

Our Fixture & Display group strategy is to consolidate and coordinate the production of fixture and display products at the lowest cost. Our primary focus is to increase volume with existing accounts and pursue new customers within the industry. We will also look for opportunities to expand into new, related markets.

In October, we announced the adoption of a Fixture & Display group tactical plan to increase our attention and scrutiny of under-performing profit centers in the Fixture & Display group.

In our Office Furniture Components group, we will continue striving to develop new products, providing opportunities to supply more components to customers. We also expect to continue making strategic acquisitions that add new products or expand operations into new regions of the world.

Overview of the Aluminum Products Segment

Our Aluminum Products segment is the leading independent producer of non-automotive aluminum die castings in North America. We also produce some zinc and magnesium die castings. We work with customers from the design concept stage to market introduction and then through the product lifecycle to refine the product and reduce cost. We sell aluminum, zinc and magnesium die cast components to a diverse group of customers that manufacture industrial and consumer products. Our customers include:

Gas barbeque grill manufacturers

Diesel and small engine builders

Motorcycle, truck, off-road and recreational vehicle (including all-terrain vehicles and snowmobiles) and automobile makers

Manufacturers of outdoor lighting fixtures, cable line amplifiers, wireless communications systems and other cable and telecommunication products

Consumer appliance and power tool manufacturers

Computer, electronic and electric motor producers

We also manufacture and refurbish dies (also known as molds or tools) for all types and sizes of die casting machines. These are sold to customers that buy our die castings and to other die cast manufacturers. We also provide extensive machining, coating, finishing, sub-assembly and other value-added services related to the die cast components that we sell.

Key Strategies

Market share growth is a major focus. We plan to continue to pursue large users of castings, work to provide more products used by customers who make some of their aluminum components, and look for opportunities to expand into new markets where die cast components are used. We plan to continue striving to develop technology that allows opportunities for growth in new markets. Finally, we are committed to establishing a global presence, enabling us to supply customers as they take more production overseas. Acquisitions may play a part in accomplishing these plans.

Overview of the Industrial Materials Segment

The Industrial Materials segment produces steel rod, drawn wire and welded steel tubing as well as specialty wire products. Drawn wire and welded steel tubing are important raw materials that are widely used to manufacture our products. About 50% of the drawn wire and about 25% of the welded steel tubing that we produce is used to manufacture other products within the Company. For example, wire is used to make:

Bedding and furniture components

Commercial fixtures and point of purchase displays

Automotive seating components

Welded steel tubing is used in many of the same products including:

Motion furniture mechanisms

Store fixtures, displays, shelving and storage products

ATV, RV and snowmobile accessories

In addition to supplying a portion of our own raw material needs, we sell drawn wire and welded steel tubing to a diverse group of industrial customers, including:

Bedding and furniture makers

Automotive interior manufacturers

Lawn and garden equipment manufacturers

Recreational equipment (e.g. ATV and RV) producers

Mechanical spring makers

We also produce specialty wire products such as:

Wire ties used by cotton gins to tie bales of cotton

Wire tying heads used by waste recyclers and solid waste removal businesses to bale materials

Shaped wire used by automotive companies and medical supply businesses

Key Strategies

The core strategy of our wire and tubing businesses is to efficiently supply other Leggett businesses’ raw material requirements. We expect growth, to a large extent, will occur as our internal requirements expand, both domestically and abroad. We also expect to grow as we work with customers on programs that improve their efficiency (for example, packaging multiple components supplied by our other businesses). Finally, we will expand our capabilities to add value through the forming, shaping, and welding of our wire and tube. This may occur through start-up operations or acquisitions.

Overview of the Specialized Products Segment

Our Specialized Products segment manufactures components for the automotive industry and designs, builds and sells specialized machinery and equipment.

In the Automotive group, we manufacture:

Lumbar systems for automotive seating (including manual, 2-way power, 4-way power, massage systems, and memory options)

Seat suspension systems

Automotive control cable systems, such as shift cables, cruise-control cables, seat belt cables, accelerator cables, seat control cables, and latch release cables

Primary customers for these products are automobile seating manufacturers.

In the Machinery group, we primarily manufacture:

Highly automated quilting machines for fabrics used to cover mattresses and other home furnishings

Coilers used to shape wire into various types of springs

Industrial sewing machines

Material handling systems

Wide format digital printing equipment

Other products for factory automation

The primary customers for these products are bedding manufacturers. We also design and produce some of these specialized products for our own use.

Key Strategies

In our Automotive group, we plan to continue the focus on research and development, looking for ways to improve the function and cost of our products. The introduction of new capabilities and products creates the potential for us to expand into new markets. Growing our global presence (to serve developing markets and to expand our sourcing options) will remain a key objective, as will assisting our customers with vendor consolidation (to reduce the complexity and cost of their supply chain).

Our Machinery group designs and manufactures equipment that is used to produce the proprietary innersprings we develop for our bedding customers. In most cases, this equipment is not available in the marketplace. Providing this support is a critical strategy for our machinery operations, and also for our bedding operations. In addition, we will continue striving to develop technology to improve efficiency in our own plants as well as those of our customers.

   

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