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LEGGETT & PLATT (LEG)
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Leggett & Platt : U.S. Opens Probe into Alleged Chinese Mattress Dumping

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10/12/2018 | 06:46pm CEST

By Bowdeya Tweh

The Commerce Department has opened an investigation into whether mattress imported from China are being sold in the U.S. below fair value.

A group of U.S. mattress manufacturers -- including Leggett & Platt Inc., Tempur Sealy International Inc. and Serta Simmons Bedding LLC -- filed a petition last month with U.S. trade officials claiming that exporters have increased their market share by undercutting prices of domestic producers. The U.S. companies, which are pushing for duties on a range of mattress products, allege that Chinese products are sold in the U.S. at prices that are between roughly 259% to 1,732% below normal value.

The Commerce Dept. can impose duties on Chinese mattress imports if it finds evidence of dumping -- and the International Trade Commission, an independent federal agency, agrees that dumped mattresses are injuring U.S. industry. The ITC is scheduled to make a preliminary determination on or before Nov. 2.

Imports of mattresses from China were valued at roughly $436.5 million in 2017, according to the Commerce Department.

Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
LEGGETT & PLATT 2.01% 39.67 Delayed Quote.-18.52%
TEMPUR SEALY INTERNATIONAL INC 1.51% 48.53 Delayed Quote.-23.74%
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Financials ($)
Sales 2018 4 303 M
EBIT 2018 497 M
Net income 2018 356 M
Debt 2018 851 M
Yield 2018 3,76%
P/E ratio 2018 15,08
P/E ratio 2019 13,30
EV / Sales 2018 1,37x
EV / Sales 2019 1,31x
Capitalization 5 066 M
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Number of Analysts 7
Average target price 51,0 $
Spread / Average Target 29%
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Managers
NameTitle
Karl G. Glassman President, Chief Executive Officer & Director
Robert Ted Enloe Chairman
Dan C. Baldwin Vice President-Operations Services
Matthew C. Flanigan Chief Financial Officer, Management Director & EVP
Michael W. Blinzler Chief Information Officer & Vice President-IT
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