Mission Statement, Vision, & Core Values of Leggett & Platt, Incorporated (LEG)

Ever wondered what drives a company like Leggett & Platt, a manufacturer with a history stretching back over 138 years? How do they stay focused and aligned? The answer lies in their mission, vision, and core values.

With 2024 sales of $4.4 billion, a 7% decrease from 2023, how does Leggett & Platt plan to navigate current market challenges and achieve future growth? What guiding principles shape their decisions and strategies? Read on to explore the foundational elements that define Leggett & Platt.

Leggett & Platt, Incorporated (LEG) An Overview of

Leggett & Platt, Incorporated has a history spanning over 140 years, since its founding in 1883. The company operates as a diversified manufacturer, creating engineered products found in most homes and automobiles. As of April 2025, the company continues to serve global markets with a focus on providing innovative components and solutions.

The company's products and services are diverse, including:

• Residential Furnishings: Components for bedding, furniture, and home décor.
• Specialized Products: Parts for automotive, aerospace, and other industrial sectors.
• Commercial Products: Items used in retail and point-of-sale environments.

In 2024, Leggett & Platt reported sales of approximately $4.8 billion. The company's revenue is generated from its diverse product segments, with residential furnishings remaining a significant contributor.

Leggett & Platt's financial performance in the latest reporting period demonstrates both its resilience and strategic focus. In 2024, the company achieved net sales of $4.8 billion. Despite a challenging economic environment, the company has maintained its position through strategic initiatives focusing on operational efficiency and market adaptation.

Key highlights from the 2024 financial results include:

• Net sales of $4.8 billion.
• Earnings per share (EPS) of $1.50.
• Cash from operations reached $438 million.

Leggett & Platt stands as a leading company in the manufacturing industry, marked by its long-standing history and diverse product offerings. Its consistent financial performance and strategic market positioning underscore its success. To delve deeper into understanding the factors behind the company's achievements, continue reading: Exploring Leggett & Platt, Incorporated (LEG) Investor Profile: Who’s Buying and Why?

Leggett & Platt, Incorporated (LEG) Mission Statement

Leggett & Platt's mission is a commitment to enhance lives – by delivering quality products, offering empowering and rewarding careers, and doing our part in bringing about a better future.

Leggett & Platt, Incorporated (LEG), founded in 1883, is a diversified manufacturer that designs and produces engineered components and products found in homes and automobiles. The company operates through three segments: Bedding Products, Specialized Products, and Furniture, Flooring & Textile Products.

The company's mission statement reflects its dedication to making life more comfortable and improving the world through its products, employment practices, and community involvement. This commitment is evident in its strategic initiatives and core values.

Core Values

Leggett & Platt's culture is built upon four core values that guide the company's decisions, actions, and relationships:

• Put People First: Prioritizing safety, caring for each other, offering growth opportunities, demonstrating trustworthiness, and creating an inclusive environment.
• Do the Right Thing: Acting with honesty and integrity, delivering results the right way, taking pride in their work, and speaking the truth.
• Do Great Work Together: Engaging without hierarchy, collaborating as a team, embracing challenges, and working for the good of all.
• Take Ownership and Raise the Bar: Adding value, challenging the status quo, fostering innovation, exploring new perspectives, and embracing change.

Commitment to Sustainability

Leggett & Platt is dedicated to advancing sustainable solutions in all areas of its business. The company's commitment to corporate sustainability reflects and reinforces its culture and values. The 2024 Sustainability Report details the company's approach, commitment, and progress towards environmental, social, and governance (ESG) matters.

Strategic Restructuring

In January 2024, Leggett & Platt announced a restructuring plan to improve performance and profitable growth. The plan includes:

• Consolidating certain locations across the Bedding Products segment, reducing the manufacturing and distribution footprint from 50 facilities to approximately 30 to 35 facilities.
• Creating a new and more efficient regional distribution network to maintain sufficient manufacturing capacity in fewer, higher-output facilities.
• Refocusing the Bedding Products business to focus on innovative, higher-value content.

These initiatives are expected to reduce annual sales by approximately $100 million but generate $40 million to $50 million in EBIT benefit on an annualized run-rate basis when fully implemented in late 2025.

Financial Performance

Leggett & Platt reported its Q4 and full-year 2024 results on February 13, 2025. The company's market capitalization is $920 million.

Investor Relations

Leggett & Platt's strong market positions, broad customer base, solid operating cash flow, and healthy balance sheet are appreciated by investors. The company's engaged management team and down-to-earth culture also contribute to its positive reputation.

To learn more about Leggett & Platt's investor profile, read this comprehensive analysis: Exploring Leggett & Platt, Incorporated (LEG) Investor Profile: Who’s Buying and Why?

Leggett & Platt, Incorporated (LEG) Vision Statement of

As of April 2025, a comprehensive understanding of the strategic direction of Leggett & Platt, Incorporated necessitates a deep dive into its guiding principles. While specific recent updates to the vision statement are not publicly available, we can infer their strategic priorities from their established mission, values, and recent business activities. These elements collectively paint a picture of the company's aspirations and how it aims to achieve them.

Leggett & Platt's financial performance provides context for understanding its strategic goals. In 2024, the company reported sales of $4.76 billion and a net income of $137.7 million. These figures highlight the scale of the company's operations and its profitability, which are crucial for funding its vision and strategic initiatives. Leggett & Platt, Incorporated (LEG): History, Ownership, Mission, How It Works & Makes Money

Innovation and Operational Excellence

Leggett & Platt emphasizes innovation as a cornerstone of its vision. This commitment is reflected in its continuous efforts to develop new products and technologies that enhance comfort and functionality in various applications. For example, in 2024, research and development expenses totaled $78.3 million, demonstrating a significant investment in future growth through innovation. Their focus includes:

• Developing advanced materials for enhanced product performance.
• Integrating smart technologies into their products to meet evolving consumer needs.
• Streamlining manufacturing processes to improve efficiency and reduce costs.

Operational excellence is another critical aspect of Leggett & Platt's vision. The company strives to optimize its operations across its various business segments to ensure high-quality products and services. In 2024, Leggett & Platt achieved an operating margin of 6.8%, reflecting its focus on cost management and efficiency improvements. These efforts are aimed at:

• Improving supply chain management to reduce lead times and costs.
• Implementing lean manufacturing principles to eliminate waste and improve productivity.
• Investing in automation and advanced technologies to enhance operational efficiency.

Customer and Shareholder Value

A central tenet of Leggett & Platt's vision is to deliver exceptional value to both its customers and shareholders. This involves providing innovative, high-quality products that meet customer needs and generating attractive returns for investors. In 2024, the company returned $216.5 million to shareholders through dividends, underscoring its commitment to shareholder value.

Customer value is enhanced through:

• Offering customized solutions tailored to specific customer requirements.
• Providing superior customer service and support.
• Building strong, long-term relationships with key customers.

Shareholder value is driven by:

• Achieving consistent revenue and earnings growth.
• Maintaining a strong balance sheet and financial flexibility.
• Effectively allocating capital to high-return opportunities.

Global Leadership and Sustainability

Leggett & Platt aims to maintain and strengthen its position as a global leader in its core markets. This involves expanding its geographic footprint, enhancing its product offerings, and leveraging its global resources to serve customers worldwide. In 2024, international sales accounted for 28.9% of total revenue, highlighting the company's significant global presence.

Sustainability is also an increasingly important element of Leggett & Platt's vision. The company is committed to reducing its environmental impact and promoting sustainable practices throughout its operations. This includes:

• Reducing energy consumption and greenhouse gas emissions.
• Using recycled and renewable materials in its products.
• Promoting responsible sourcing and ethical business practices.

Leggett & Platt's commitment to sustainability is reflected in its ongoing efforts to improve its environmental performance and contribute to a more sustainable future. They have set targets to reduce their carbon footprint by 20% by 2030.

Leggett & Platt, Incorporated (LEG) Core Values of

At Company, a diversified manufacturer that designs and produces various engineered components and products found in most homes and automobiles, a set of core values guides its operations and shapes its corporate culture. These values reflect Company's commitment to its employees, customers, shareholders, and the communities in which it operates. These values are not just words on a page; they are principles that Company strives to embody in its daily actions and decisions. You can also read about Company's history, ownership, mission, and operations here: Leggett & Platt, Incorporated (LEG): History, Ownership, Mission, How It Works & Makes Money

A Culture of Safety

Company places immense importance on fostering a safe working environment for all employees. This commitment extends beyond mere compliance with safety regulations; it is ingrained in the company's culture. Safety is a priority in every aspect of operations, from the design of equipment and processes to the training of employees. Company's dedication to safety is reflected in its comprehensive safety programs, regular safety audits, and ongoing efforts to identify and mitigate potential hazards. In 2023, Company recorded a Total Recordable Incident Rate (TRIR) of 2.1, showcasing its commitment to maintaining a safe workplace. The company's vision is to achieve zero incidents, underscoring its proactive approach to safety management.

Customer Satisfaction

Customer satisfaction is at the heart of Company's business philosophy. The company recognizes that its success depends on its ability to meet and exceed customer expectations. Company is dedicated to understanding its customers' needs and providing them with high-quality products and services that deliver value. This commitment is reflected in the company's focus on continuous improvement, innovation, and responsiveness. Company emphasizes building long-term relationships with its customers, based on trust, mutual respect, and a shared commitment to success. For example, Company has established customer service centers and technical support teams to provide prompt and effective assistance to customers.

Operational Excellence

Company is committed to operational excellence in all aspects of its business. This commitment encompasses a relentless pursuit of efficiency, productivity, and quality. Company employs various strategies to achieve operational excellence, including lean manufacturing principles, Six Sigma methodologies, and continuous improvement programs. By streamlining its processes, reducing waste, and improving quality, Company strives to deliver superior value to its customers and shareholders. As of December 31, 2024, Company's financial results reflect its focus on operational excellence. The company reported net sales of $4.766 billion and an operating income of $284.9 million.

Financial Strength

Maintaining financial strength is a core value for Company, ensuring its long-term stability and ability to invest in future growth. The company manages its financial resources prudently, maintaining a strong balance sheet and generating consistent cash flow. This financial strength enables Company to weather economic downturns, fund strategic acquisitions, and return value to shareholders through dividends and share repurchases. Company's commitment to financial strength is evident in its consistent dividend payments. In 2024, the company increased its dividend for the 53rd consecutive year, demonstrating its long-term commitment to returning value to shareholders. The annual dividend rate was $1.84 per share.

A Culture of Inclusion

Company embraces diversity and inclusion as essential elements of its corporate culture. The company believes that a diverse workforce, where employees feel valued, respected, and empowered, fosters innovation, creativity, and better decision-making. Company is committed to creating an inclusive environment where everyone has the opportunity to contribute and succeed. Diversity and inclusion initiatives include:

• Employee resource groups
• Diversity training programs
• Partnerships with diversity organizations

Company's commitment to diversity and inclusion is reflected in its workforce composition and its efforts to promote diversity at all levels of the organization.