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LEGGETT & PLATT ANNOUNCES PROPOSED ACQUISITION

 CARTHAGE, Mo., June 30 /PRNewswire/ -- Leggett & Platt Inc. (NYSE: LEG) announced it is negotiating to acquire Hanes Holding Co. of Winston-Salem, N.C. If the transaction is consummated, it is anticipated that Leggett will issue and exchange additional shares of its common stock to acquire Hanes. The transaction will be subject to the completion of satisfactory due diligence by Leggett & Platt, execution of definitive agreements, approval by the Leggett & Platt and Hanes boards of directors, approval by Hanes' shareholders and reviews by appropriate government agencies. Current plans call for a late August closing.
 Projections indicate the acquisition would provide a modest enhancement to Leggett's earnings per share. As currently structured, the acquisition would be accounted for as a pooling of interests by Leggett & Platt.
 Hanes is a privately owned company with annual sales of about $150 million from three operations. Hanes Converting Co. in Conover, N.C. is a leading U.S. converter and distributor of woven and nonwoven industrial fabrics for seat decking, dust covers, insulators and lining materials used by manufacturers of furniture, mattresses and boxsprings, and other home furnishings. Hanes Fabrics Co., with headquarters in Hackensack, N.J. is a converter of woven non-fashion fabrics used as drapery lining and quilt backing. Hanes Dye & Finishing Co. in Winston-Salem is one of the largest commission dye/finishers of industrial fabrics for the home furnishings and apparel industries. The apparel fabrics dyed and finished in this operation are used primarily as linings for pockets and waistband linings. Hanes was founded in 1924 by members of the Ralph Hanes family. The Hanes family currently owns about 4 percent of the company and management and employees own 31 percent. Other investors own 65 percent.
 Hanes recently announced an agreement to acquire VWR Textiles and Supplies Inc. of Hickory, N.C. VWR converts and distributes woven and nonwoven industrial fabrics and manufactures and distributes supplies to furniture and bedding manufacturers. VWR, with annual sales of approximately $70 million, will be integrated with the operations of Hanes Converting Co. A late August closing for Hanes' acquisition of VWR is currently planned.
 The converting, fabrics and supplies product lines will fit well with the broad line of components and related items Leggett & Platt presently makes and sells in the furnishings industry and other diversified markets. Hanes and VWR are well established businesses with strong and experienced management teams who will continue to participate in the future profitable growth of these operations when the acquisitions are completed.
 Headquartered in Carthage, Leggett & Platt is a Fortune 500 and New York Stock Exchange listed company that specializes in manufacturing and marketing components for home, office and institutional furniture and bedding. Select lines of finished furniture and carpet cushioning materials are also produced and sold for commercial and residential use. In addition, Leggett makes a wide variety of diversified, non- furnishings products that it sells in many different markets. For the trailing 12 months through March 31, 1993, Leggett & Platt's net sales were a record $1.2 billion. Net earnings for the like period were also a record $67.3 million, or $1.74 per share.
 -0- 6/30/93
 /CONTACT: J. Richard Calhoon of Leggett & Platt, 417-358-8131/
 (LEG)


CO: Leggett & Platt Inc.; Hanes Holding Co.;
 VWR Textiles and Supplies Inc. ST: Missouri; North Carolina IN: SU: TNM


MC -- DV003 -- 7175 06/30/93 12:43 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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