Leggett & Platt Completes Acquisition Of Elite Comfort Solutions
"We are pleased to announce the completion of the Elite Comfort Solutions acquisition. Through this acquisition, we gain critical capabilities in proprietary foam technology, along with scale in the production of private-label finished mattresses," said
As previously announced, ECS will become a separate business unit and operate within the Residential Products segment. The ECS management team will continue to lead the business.
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COMPANY DESCRIPTION: At
FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements," including our ability to capitalize on current and future market trends, including growth of hybrid spring and specialty foam mattresses and the e-commerce channel, and demand for compressed mattresses; and our plans to maintain all 16 of ECS's facilities. Such forward-looking statements are expressly qualified by the cautionary statements described in this provision and reflect only the beliefs of Leggett or its management at the time the statement is made. Because all forward-looking statements deal with the future, they are subject to risks, uncertainties and developments which might cause actual events or results to differ materially from those envisioned or reflected in any forward-looking statement. Moreover, we do not have, and do not undertake, any duty to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement was made. Some of these risks and uncertainties include: (i) uncertainty of the expected financial performance of ECS following the acquisition; (ii) failure to realize the anticipated benefits of the acquisition, including as a result of delay in integrating the businesses of ECS; (iii) difficulties and delays in achieving revenue and cost synergies of ECS; (iv) inability to retain and hire key personnel and maintain relationships with customers and suppliers of ECS; (v) the Company's and ECS's ability to achieve their respective short-term and longer-term operating targets, the impact of the Tax Cuts and Jobs Act, price and product competition from foreign and domestic competitors, changes in demand for the Company's and ECS's products, cost and availability of raw materials and labor, fuel and energy costs, general economic conditions, possible goodwill or other asset impairment, foreign currency fluctuation, litigation risks; and (vi) other risk factors detailed from time to time in Leggett's reports filed with the
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