secwatch.observer — SEC 8-K summary
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Issuer:     LEGGETT & PLATT INC (LEG)
CIK:        0000058492
Form:       8-K
Filed at:   2024-01-16T23:59:59+00:00
Accession:  0001193125-24-008057
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.06, 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Leggett & Platt announces restructuring, $450M impairment, withdraws long-term targets
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- Restructuring plan consolidates 15-20 of 50 Bedding facilities; cuts 900-1,100 jobs; targets $40-50M annualized EBIT by late 2025.
- Total restructuring costs $65-85M ($30-40M cash); expects $60-80M from real estate sales; annual sales fall ~$100M.
- Non-cash impairment charge of ~$450M in Q4 2023 for Bedding intangibles from prior acquisitions, due to weak demand and customer instability.
- Company withdraws long-term financial targets including TSR goal of 11-14%, revenue growth, EBIT margin, and dividend payout ratio.
- Restructuring mostly complete by end of 2025; initial benefit expected in H2 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/0001193125-24-008057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/58492/000119312524008057/d132201d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-008057

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