Leggett & Platt agrees to $2.5 billion sale to global bedding company Somnigroup

Leggett & Platt Co. Inc., with a major subsidiary operating in Winston-Salem, has agreed to be sold to Somnigroup International Inc. for $2.5 billion in stock.

Somnigroup, based in Dallas, is a global bedding company that owns the Tempur Sealy, Mattress Firm and Dreams brands. It has been a long-time customer of Leggett & Platt, representing 7% of its annual net sales.

Hanes Geo Components operates as a unit of Hanes Cos., which is a division of Leggett & Platt.

Hanes Geo Components has between 200 and 250 employees in Winston-Salem. It distributes geotextile, erosion control, and home and garden products throughout North America with more than 40 North American distribution locations.

Meanwhile, Leggett & Platt has facilities in Conover, Lexington, Salisbury and Statesville that are focused on making products such as: automotive seat comfort and convenience systems; bedding components; flooring underlayments; and household and work furnishings; and hydraulic cylinders for material handling and heavy construction applications.

Leggett & Platt shareholders would own 9% of the combined company. The agreement has been unanimously approved by both companies' boards of directors. The transaction is projected to close by the end of 2026.

The manufacturers said Leggett & Platt would continue to operate as a separate business unit within Somnigroup, maintain its offices in Carthage, Mo., and Karl Glassman would be retained as chairman and chief executive.

However, Glassman would assist with a seamless transition to a new Leggett & Platt chief executive within 12 months of the closing date.

The manufacturers said they produced $11.2 billion in combined fiscal 2025 net sales. They plan to operate 175 manufacturing facilities across 36 countries with a global workforce of more than 36,000.

"Leggett & Platt's strong engineering capabilities, diversified end users and cash–generating financial profile meaningfully enhance our global platform," Somnigroup chairman and chief executive Scott Thompson said in a news release.

"By bringing a successful supply partner into our group, we accelerate our ability to deliver differentiated, consumer–centric innovation. This combination is evidence of our commitment to disciplined capital allocation centered on long–term shareholder value creation."

Glassman said the potential deal "provides Leggett & Platt shareholders with the opportunity to participate in the future growth and value creation of a leading global company on a tax deferred basis."

"For more than 140 years, we have provided our customers with innovation and quality. I believe this combination positions us to continue that track record and deliver compelling strategic and financial value for our customers, employees and shareholders."

The manufacturers projects "cost synergy opportunities" of $50 million over three years, including $10 million in the first 12 months post-closing.

In January 2024, Leggett & Platt unveiled a major restructuring plan in which it plans to shrink its global Bedding products manufacturing and distribution footprint from 50 facilities to between 30 and 35.

About 1,000 job positions are projected to be eliminated in the restructuring, or about 5% of its 20,000 workforce.

As part of that initiative, Leggett & Platt eliminated 158 jobs in September 2024 at its Spring Manufacturing plant in High Point.

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This story was originally published April 15, 2026 at 8:54 PM.