Leggett & Platt Cutting Jobs On Loss
February 5, 2009Citing a “dreadful” lack of demand, Leggett & Platt, Carthage, Mo., reported an $18 million loss in its fourth quarter as sales decreased 15 percent to $882.5 million.
For the year, the company, reported a profit of $104.4 million on sales of $4.08 billion, a 4 percent decrease. The company had a loss of $11.2 million in the previous year. The company said it is cutting its workforce by 9 percent. “The weakened economy has resulted in dreadful market demand, with fourth-quarter unit volumes down more than 20 percent,” said President and CEO David Haffner. “Consumers have significantly curtailed spending, fearing further market declines, unavailable credit and job losses.”
