The story
Company history
In 1883 in Carthage, Missouri, J.P. Leggett developed a new type of bedspring consisting of single cone spring wire coils, formed and interlaced, then mounted on a wood slat base. The bedspring could then be used as a base for the then-popular cotton, feather, or horsehair mattresses. Needing expertise in manufacturing and production, he recruited his soon-to-be brother-in-law, C.B. Platt, whose father owned and operated Platt Plow Works, into the partnership. Together, they produced the components of their Leggett & Platt bedspring, which was patented in 1885.
The Carthage market for their new product was very limited. To expand the market to a wider region, Platt and George Leggett, brother of J. P. Leggett, would load a horse-drawn wagon with bedsprings and travel to surrounding communities. Often, to conserve space, they would load the springs and slats separately into the wagon and assemble them in a store or on an adjacent sidewalk. The partnership prospered, and the business was incorporated in 1901.
The company built its first factory and offices in Carthage in 1890. The workforce at that time consisted of the two partners and five employees. Soon after completion of the Carthage plant, a second factory was built in Louisville, Kentucky. During the next 50 years, three more factories were built. Demand for the company's improved bedsprings was rising, and a second plant was built in Carthage in 1925. The new, much larger plant was located next to a railroad to allow for expanded shipments of products and supplies. In 1942, an additional factory was built in Winchester, Kentucky, which was subsequently consolidated with the Louisville plant. For some time, Texas had proven to be a main market outlet, and in 1947, a major factory was built in Ennis, Texas. By 1947, Leggett & Platt consisted of 4 plants and 500 employees.
Although available in various models and continuously improved upon, bedsprings were practically the only product Leggett & Platt offered until 1933. However, in that year the company began to manufacture springs for innerspring mattresses, which were relatively new products in the industry and growing in popularity. Thereafter, the company slowly began to diversify its products within the bedding industry by producing rollaway beds and folding metal cots, along with bed frames and bed rails.
In 1960, Harry M. Cornell Jr., J.P. Leggett's grandson, was elected President and CEO of the company, taking over for his father (who was Leggett's son-in-law). The company's total sales in 1960 were approximately $7 million from three states: Kentucky, Texas, and Missouri. Determining the course and future of the company became management's primary objective. Following an extensive evaluation of the company and its potential, Cornell and his management partners concluded that Leggett & Platt's best opportunities for profitable growth lay in a strategy of specializing in manufacturing, marketing, and distributing a broad and growing line of components and related products, first nationally and eventually on a worldwide basis. Key drivers of future sales and earnings would include aggressive internal growth initiatives, coupled with an active and ongoing acquisition program.
Even greater success followed, and Leggett & Platt became known as "the components people." Leggett & Platt stock was first traded over the counter in 1967. Twelve years later, on June 25, 1979, top management was present in New York City to witness the stock's first day listed on the New York Stock Exchange. In 1999, the company became part of the S&P 500 Index.
Today, Leggett & Platt has 135 manufacturing facilities in 18 countries.
Timeline
1883: Joseph P. Leggett develops and patents the first successful spiral steel coil bedspring, then forms a business partnership with Cornelius B. Platt, a blacksmith who operates the C.D. Platt Plow Works plant in Carthage, Missouri.
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1885: Leggett receives a patent for improvements on the coiled bedspring. J.P. Leggett and C.B. Platt begin manufacturing coiled bedsprings at the Platt Plow Works plant.
1890: The first factory and offices are built in Carthage, Missouri. The workforce consists of the two partners and five employees. Harry Platt, a brother of C.B. Platt, opens a franchise factory in Louisville, Kentucky.
1901: The partnership of J.P. Leggett and C.B. Platt is incorporated under the name "Leggett & Platt Spring Bed & Manufacturing Company".
1933: Leggett & Platt begins to manufacture innerspring units at its Carthage plant.
1942: Leggett & Platt survives World War II by working on defense contracts.
1960: Harry M. Cornell, Jr., (grandson of J.P. Leggett) becomes president and CEO; he begins implementing a new corporate strategy to broaden the line of component products for the bedding and furniture industries, expand geographically, and offer compatible products directly to furniture stores.
1967: Leggett & Platt's IPO (initial public offering) of 50,000 shares of stock (at $10 per share) and $1 million of convertible subordinated debentures occurs; the stock is listed over the counter.
1971: Leggett & Platt stock is listed on the then-newly established National Association of Securities Dealers Automated Quotation System (NASDAQ), and the company achieves more than $1 million in net earnings.
1976: Leggett & Platt exceeds the $100 million sales for the first time.
1977: Construction begins on a new corporate headquarters outside Carthage.
1979: Leggett & Platt is listed on the NYSE (New York Stock Exchange), stock symbol "LEG".
1983: Leggett celebrates 100 years of operation.
1990: Revenues exceed $1 billion for the first time.
1999: Leggett is included in the S&P 500 Index.
2007: New strategic direction announced in November.
2016: Reset to strategic direction announced in September.
2019: Acquired Elite Comfort Solutions for $1.25 billion, the largest acquisition to date, adding specialty foam and private label finished mattress capabilities and expanding its position in the bedding market.
2021: Increased annual dividend for the 50th consecutive year. Became part of the S&P MidCap 400 in December.
From Wikipedia’s article on Leggett & Platt, shared under CC BY-SA 4.0.7