Somnigroup, based in the Dallas area, plans an approximately $2.5 billion all-stock acquisition of Leggett & Platt, announced in April, that was expected to close as soon as September, according to the companies’ merger announcement.
Somnigroup owns Tempur Sealy, Mattress Firm and Dreams. The global bedding company said the Leggett acquisition advances its vertical-integration strategy, expands its reach beyond bedding and creates some $50 million in annual run-rate synergies.
Leggett & Platt has struggled in its bedding and other residential businesses. In January 2024, the company announced a restructuring plan primarily affecting its Bedding Products segment. Leggett said the plan would consolidate 15 to 20 facilities and reduce its workforce by approximately 900 to 1,100 employees. The plan also included a smaller number of actions in its Furniture, Flooring & Textile Products segment.
The restructuring was not centered on Leggett’s wire operations. Leggett’s 2025 annual report described the Wire Group as serving both the company’s internal manufacturing needs and outside customers. More than half of its wire-drawing mill output was used internally in 2025, most of that volume supplying U.S. innerspring operations. The group also sells drawn wire and fabricated wire products to customers in the appliance, construction, automotive, furniture, retail-display and other industrial markets.
Leggett’s overall sales remained under pressure. The company reported 2025 sales of $4.05 billion, down 7% from 2024, and second-quarter 2026 sales of approximately $1 billion, down 6% from the same quarter a year earlier. In its second-quarter release, Leggett said it continued to progress toward the planned merger. After closing, Leggett & Platt is expected to operate as a separate Somnigroup business unit.
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