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2005-11-02 News Headlines -> Commercial Trucks

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Leggett Acquires Commercial Truck Equipment Supplier

Acquisition by Leggett of equipment supplier for vans and commercial trucks to form a new Commercial Vehicle Products Group business.

Diversified manufacturer Leggett & Platt (NYSE: LEG) announced the acquisition of America's Body Company (ABC), a designer, manufacturer, and supplier of equipment for vans and light-to-medium duty commercial trucks. ABC's main product categories include van interiors, van bodies, flatbed truck bodies, utility work bodies, dump truck bodies, and snow and ice control equipment. With annual revenue of approximately $150 million, this acquisition is the third-largest in Leggett's history. ABC has approximately 580 employees and ten operating facilities; proprietary products represent about 40% of current sales.

With this acquisition Leggett will become the second-largest supplier in the $1.5 billion U.S. market for light and medium duty commercial truck equipment. While the industry is highly fragmented, and contains many small, regional manufacturers, only a few competitors can provide as wide a range of products and service locations.

ABC, which has been using Leggett components, will join Leggett's current van interiors operations to form a new business group. There will be opportunities to consolidate operations, reduce administrative overhead, gain purchasing leverage, and penetrate additional geographic markets. The newly formed business group, Leggett's 11th, should generate revenue of approximately $250 million. The group will be titled the Commercial Vehicle Products Group, and will reside in the Specialized Products segment, which also contains the company's machinery and niche automotive groups. Jack D. Crusa, Senior Vice President of Leggett and head of the Specialized Products segment, will oversee the integration and operation of this new business.

Leggett & Platt is a FORTUNE 500 diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in virtually every home, office, retail store, and automobile. Find information about Leggett and Platt. Leggett & Platt is North America's leading independent manufacturer of the following: a) components for residential furniture and bedding; b) retail store fixtures and point of purchase displays; c) components for office furniture; d) non-automotive aluminum die castings; e) drawn steel wire; f) automotive seat support and lumbar systems; g) carpet underlay; h) adjustable beds; and i) bedding industry machinery for wire forming, sewing and quilting. Primary raw materials include steel and aluminum. Main operations include metal stamping, forming, casting, machining, coating, welding, wire drawing, and assembly.

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