Leggett & Platt Commercial Vehicle Products Group Acquires Gamber-Johnson
CARTHAGE, MO – 03/06/07- Leggett & Platt (NYSE: LEG) has acquired Gamber-Johnson, LLC, a leading assembler of rugged docking stations and vehicle mounts. Gamber-Johnson will further diversify Leggett’s commercial vehicle products business.
Colonnade Advisors LLC, a Chicago-based investment bank, served as exclusive financial advisor to Gamber-Johnson in the transaction.
“We are delighted with this acquisition. We believe that Gamber-Johnson offers profitable, near and long-term growth prospects and is consistent with our strategy of growth through diversification within complementary markets,” said Elliott Lyons, President of Leggett & Platt’s Commercial Vehicle Products Group. “The Gamber-Johnson brand is recognized as the leader in its market.”
Jeff Greene, President of Gamber-Johnson, added, “The platform for continued growth and prosperity that a company like Leggett & Platt, Inc. can bring to us is undeniable. With this kind of backing, the sky is the limit on our potential growth opportunities and the value we can bring to our strategic partners, resellers and customers.”
Gamber-Johnson, with corporate headquarters in Stevens Point, WI, works with resellers, installers and OEM partners throughout North America. All Gamber-Johnson management and sales staff will be retained and the operations will remain in Stevens Point.
Leggett & Platt 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 29 business units, 33,000 employee- partners, and more than 300 facilities located in over 20 countries.
Leggett & Platt is North America’s leading independent manufacturer of: a) components for residential furniture and bedding; b) retail store fixtures and point of purchase displays; c) components for office furniture; d) non-automotive aluminum die castings; e) drawn steel wire; f) automotive seat support and lumbar systems; g) carpet underlay; h) adjustable beds; and i) bedding industry machinery for wire forming, sewing and quilting. Primary raw materials include steel and aluminum. Main operations include metal stamping, forming, casting, machining, coating, welding, wire drawing, and assembly.