Leggett & Platt (NYSE: LEG) is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a broad variety of engineered components and products that can be found in most homes, offices, and automobiles. With 2013 sales of $3.75 billion, the company serves a broad suite of customers that comprise a "Who's Who" of U. S. manufacturers and retailers. The 131-year old firm is composed of 19 business units, 19,000 employee-partners, and 130 manufacturing facilities located in 18 countries.
Investors tend to appreciate Leggett & Platt’s:
- Annual dividend increases – 43 consecutive years – at approximately 13% compound annual growth
- Significant market positions
- Strong cash flow and solid balance sheet
- Management's stock ownership and deferral of cash compensation
- Candor and "down to earth" culture