Leggett&Platt, an American manufacturer of components for the aerospace sector, has signed an agreement to sell the Aerospace Products Group division to funds controlled by Tinicum Inc. for $285 million. This is reported in a press release from Leggett.
The transaction is expected to be completed in 2025, subject to compliance with all closing requirements, including regulatory approval.
The sale of the business is in line with Leggett &Platt's strategy aimed at developing priority areas of activity with a long-term perspective.
Lazard is acting as financial and Freshfields as legal advisor to Leggett&Platt as part of the transaction.
Aerospace Products Group is a developer of sophisticated high-tech tubular and ducted assemblies designed for installation on commercial and military aircraft and space launch vehicles. The company includes seven manufacturing plants in the USA, Great Britain and France.
Leggett&Platt (LEG) is a diversified manufacturer and developer of engineering components, including seats for cars and airplanes, steel pipes for the aerospace industry, etc. The company operates 14 business units, 22,000 employees and 120 branches in 18 countries. The headquarters is located in Carthage, Missouri.
Tinicum is a private investment company in the field of industrial technologies and specialized infrastructure. The company acquires assets in private and public companies. The headquarters is located in New York (USA).
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