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SGI-News
SGI-Events
Somnigroup Completes Merger with Leggett & Platt Valued at Approximately $2.3B
Somnigroup International (SGI) announced that it has completed its previously announced combination with Leggett & Platt (LEG). The combined company today operates over 170 manufacturing facilities across 37 countries worldwide and is supported by a global workforce of more than 36,000 colleagues. Chairman and CEO Scott Thompson said, "Today marks an exciting milestone for Somnigroup as we complete the combination with Leggett & Platt. Building on nearly 50 years of collaboration, we are bringing together complementary businesses with shared values and a commitment to customer service and product innovation." The combination was an all-stock transaction valued at approximately $2.3B based on Somnigroup's closing share price on August 25, 2026 and inclusive of Leggett & Platt's existing indebtedness. Leggett & Platt shareholders received 0.1455 shares of Somnigroup common stock in exchange for each share of Leggett & Platt common stock they owned. Upon completion of the transaction, former Leggett & Platt shareholders own approximately 9% of the combined company on a fully diluted basis. The transaction has reduced Somnigroup's net financial leverage by approximately 0.2 times, and Somnigroup expects to further reduce its leverage towards the midpoint of its target leverage range of 2.0 to 3.0 times adjusted EBITDA by year-end. The company has identified $75M in annual run-rate synergies, up from its initial estimate of $50M, and expects to provide further detail on synergy realization on its business update call.
Leggett & Platt Shareholders Approve Merger with Somnigroup
In a regulatory filing, Leggett & Platt (LEG) announced that its shareholders voted to approve the merger of the company with Somnigroup (SGI). The merger remains subject to a remaining required regulatory approval and the company anticipates that the transaction will close upon satisfaction of the remaining closing conditions, it stated.
Company Revises 2026 EPS Expectations to $2.85-$3.15
Consensus $3.14. The company said, "For the full year 2026, the Company revised its expectations for adjusted EPS to a range of $2.85 to $3.15, which represents an approximate 11% increase from 2025 adjusted EPS at the mid-point of the range."
Company Reports Q2 Revenue of $1.82B, Below Consensus
Reports Q2 revenue $1.82B, consensus $1.88B. Company chairman and CEO Scott Thompson commented, "Our second-quarter performance demonstrates our global team's ability to execute in a dynamic environment. We delivered solid results while continuing to fully invest in our iconic brands, advancing our international growth strategy, preparing for the North American launch of our new Stearns & Foster collection and strengthening our multiple distribution platforms. The progress we are making across the business reinforces our confidence in our long-term strategy and our ability to create sustainable value."
Leggett & Platt to be Acquired by Somnigroup
Leggett & Platt (LEG) said, "On April 13, 2026, the Company entered into an agreement to be acquired by Somnigroup International Inc. (SGI). The transaction is anticipated to close by year-end 2026, subject to customary closing conditions, including approval by Leggett & Platt's shareholders and receipt of applicable regulatory approvals. As is customary while a transaction is pending, Leggett & Platt's previously issued guidance for 2026 is not being updated in conjunction with this quarter's earnings release and should no longer be relied upon."
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