Leggett & Platt Agrees to $2.5 Billion Acquisition by Somnigroup
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CARTHAGE, Mo. — Leggett & Platt, the 143-year-old manufacturing company headquartered in Carthage and a major employer in southwest Missouri, has agreed to be acquired by Somnigroup International Inc. in an all-stock deal valued at about $2.5 billion.
The transaction was announced Monday and unanimously approved by both companies’ boards. Leggett & Platt shareholders will receive 0.1455 shares of Somnigroup stock for each share they own, giving them approximately 9 percent ownership in the combined company on a fully diluted basis. The deal is expected to close by the end of 2026, pending shareholder and regulatory approvals.
Somnigroup, the world’s largest bedding company and parent of Mattress Firm, Tempur Sealy and Dreams, has been a key customer of Leggett & Platt for nearly 50 years. After the acquisition, Leggett & Platt will continue as a separate business unit with its headquarters and offices remaining in Carthage.
Leggett & Platt Chairman and CEO Karl Glassman will lead the company through the transition and help select a new CEO for the unit within 12 months of closing.
The combined company would have reported about $11.2 billion in 2025 net sales, $1.7 billion in adjusted EBITDA and $1.1 billion in operating cash flow. It would operate 175 manufacturing facilities in 36 countries and employ more than 36,000 people worldwide.
For southwest Missouri, the deal brings both reassurance and uncertainty. Leggett & Platt, founded in Carthage in 1883, has long supported the regional economy through jobs, taxes, philanthropy and community involvement. The company plans to honor existing customer agreements and maintain operations in the area, with Somnigroup signaling it will keep a significant presence in Carthage.
No immediate job reductions have been announced. Leggett & Platt employs roughly 11,000 people globally, with a notable concentration of headquarters, engineering and administrative roles in the Carthage-Joplin region. Its diversified products — including bedding components, automotive seating and furniture parts — have provided stability across market cycles.
The acquisition advances Somnigroup’s vertical integration strategy in the bedding industry. Leggett & Platt’s stock rose about 13% following the announcement. The deal follows an earlier, lower-valued proposal from Somnigroup in December 2025 that was rejected before the parties reached the current terms.
