Leggett and Platt, Inc. (NYSE:LEG), a manufacturer of engineered components, announced today that it will consolidate parts of its Kentucky-based manufacturing operations here, creating up to 30 new jobs by 2012.
The company, which manufactures residential furnishings and commercial fixtures, will invest $275,000 to consolidate from Nicholasville, Ky. to the company's current 200,000 square-foot facility in Kouts. As part of the project, Leggett and Platt has already installed additional wire drawing equipment at its facility.
"Leggett and Platt's decision represents the continued trend of confidence that expanding companies have in our business climate," said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation. "Indiana continues to welcome new jobs from companies consolidating from neighboring states and foreign countries. This announcement is the latest example of the benefits of maintaining fiscal discipline and a low-cost business environment."
Leggett and Platt currently employs 85 associates at its six Indiana locations. It has already begun hiring additional machine operators and material handling associates in Kouts.
"We were driven to expand in Kouts by our decision to consolidate our Kentucky facility and move that volume to other facilities," said Bill Avise, vice president of Leggett and Platt. "The workforce at our Kouts facility is excellent with the town proving great to work with."
Established in 1883, J.P. Leggett and C.B. Platt patented the spiral steel coil bedspring in 1885 which was advertised as the provider of the best night's sleep. The Carthage, Mo.-based company is one of the largest steel wire producers in the nation and is both a member of the S&P 500 and Fortune 1000.
The Indiana Economic Development Corporation offered Leggett and Platt, Inc. up to $275,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The town of Kouts approved additional property tax abatement.
"Leggett and Platt has been an integral part of the town of Kouts and has been an outstanding corporate citizen," said Tim Jones, president of the Kouts Town Council. "We appreciate their continued support in our community and look forward to their continued growth and success."
Leggett and Platt joins the growing list of companies planning to move all or a portion of its operations to Indiana from a neighboring state. Last month, transportation service provider Wheaton Van Lines announced that it will acquire an Illinois-based company and relocate its operations to Indianapolis, creating more than 30 new jobs by 2012. Also, Pet Supplies Plus recently announced it will relocate its warehousing operations from southeastern Michigan to Seymour, adding up to 135 new jobs by 2016.
About Leggett and Platt
Leggett & Platt (NYSE: LEG) is a diversified manufacturer (and member of the S&P 500) that conceives, designs and produces a variety of engineered components and products that can be found in most homes, offices and automobiles. The 129-year-old firm is comprised of 20 business units, 18,000 employee-partners and 130 manufacturing facilities located in 18 countries.
About IEDC
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
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