Leggett & Platt and Invention Machine Announce Strategic Relationship to Accelerate Innovation and Product Development
Dubbed the "WIN 70/30" strategy, for Worldwide Innovation Network, Leggett expects 70% of all new innovation ideas to come from within and 30% of its new ideas, technologies, and products to come from external sources. A key element of the strategy is to put in place an innovation platform to ensure that innovation is repeatable and sustainable. Invention Machine's Goldfire Innovator software provides that platform.
"This agreement supports Leggett CEO Dave Haffner's vision to improve organic growth by increasing the focus on product and technology development," said Vincent Lyons, Leggett's Vice President of Engineering & Product Development and President of the Machinery & Technology Group. "Goldfire Innovator gives us the ability to uncover technology synergies across our many business segments. Our diversity of technologies and products provides Leggett competitive advantages in creating unique innovations. Goldfire Innovator also enables us to research and refine the new ideas that are being submitted to Leggett for product enhancement and new product development. The software allows us to create a Virtual Research Center within Leggett. We have global research capabilities literally at our finger tips. Goldfire Innovator has become an integral part of our innovation strategy."
"Invention Machine's unique software is designed to accelerate product innovation and idea generation so engineers can quickly create new products that positively impact the bottom line," said Mark E. Atkins, Chairman, President and CEO of Invention Machine. "We look forward to broadening our support of Leggett's quest to continually develop cutting edge products and enhance its leadership position in key industries." With this new agreement, Leggett will be expanding use of the software to all of its 28 business units, fostering innovation across the entire enterprise.
About Leggett & Platt
Leggett & Platt (NYSE: LEG) is a Fortune 500 diversified manufacturer that conceives, designs and produces a broad variety of engineered components and products that can be found in virtually every home, office, retail store and automobile. The company serves a broad suite of customers that comprise a "Who's Who" of U.S. manufacturers and retailers. The 124-year old firm is composed of 28 business units, 33,000 employee-partners, and more than 300 facilities located in over 20 countries. For more information, please visit http://www.leggett.com.
About Invention Machine
Invention Machine Corporation is the leading provider of solutions that enable global 2000 manufacturers to accelerate and expand idea generation, increasing innovation and accelerating time to market of higher quality products. More than 1200 leading manufacturers use Invention Machine's solutions to raise returns on their R&D investments, improve design and production processes across the product lifecycle, and continually fuel product pipelines with innovative products. Headquartered in Boston, Massachusetts, Invention Machine has offices in the UK, France, Germany and Japan and distribution partners throughout Europe and Asia-Pacific. Invention Machine supports Global 2000 customers worldwide including Delphi, HP, NEC, Northrop Grumman, Renault, Samsung, Saipem, Shell, ST Microelectronics, and Whirlpool. For additional information, please visit http://www.invention- machine.com.
Contacts:
Susan R. McCoy
Investor Relations
Leggett & Platt
(417) 358-8131
invest@leggett.com
Parna Sarkar
Media Relations
Invention Machine
(617)305-9250,ext. 305
psarkar@invention-machine.com
SOURCE Leggett & Platt Inc.
Investors, Susan R. McCoy of Leggett & Platt, 1-417-358-8131,
invest@leggett.com; or Media, Parna Sarkar of Invention Machine, 1-617-305-9250,
ext. 305, psarkar@invention-machine.com
http://www.leggett.com