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 CARTHAGE, Mo., Aug. 10 /PRNewswire/ -- Leggett & Platt Inc. (NYSE: LEG) announced the Department of Justice and the Federal Trade Commission have cleared Leggett to proceed with its acquisition of several wire drawing mills operated by Leggett and 50-percent jointly owned with Armco Inc.
 An agreement in principle was recently reached and a definitive agreement is now being completed. The transaction is expected to close by the end of the month and the acquisition price was not disclosed. The acquisition will increase Leggett's annual sales by about $50 million and should modestly enhance Leggett's earnings per share.
 Armco's Kansas City, Mo. steel mill will continue under a long-term contract to supply steel rod to the wire mills where Armco was previously an owner with Leggett.
 Harry M. Cornell, Jr., Leggett's chairman of the board stated, "Leggett's purchase of Armco's interest will allow Leggett greater flexibility in growing our wire drawing business. The acquisition will also better permit the meshing of the operations of the wire mills with other Leggett operations including Leggett's wholly owned wire mill in Oxford, Massachusetts. We have greatly benefited from our 24 year wire drawing association with Armco. This association is being amicably brought to a close as a part of Armco's announced strategy of concentrating on specialty steels and prudently scheduling divestment of non-strategic assets."
 Leggett & Platt is a Fortune 500 and New York Stock Exchange company that specializes in manufacturing and marketing components for home, office and institutional furniture and bedding. Select lines of sleep- related furniture and carpet cushioning materials are also produced and sold in the furnishings industry. In addition, Leggett makes a variety of diversified, non-furnishings products that it sells in many different markets. For the trailing 12 months through June 30, 1993, Leggett & Platt's sales were a record $1.25 billion. Net earnings for the like period were a record $72.6 million or $1.86 per share. There are currently about 38.5 million shares of Leggett common stock outstanding.
 -0- 8/10/93
 /CONTACT: J. Richard Calhoon or Michael A. Glauber, 417-358-8131, both of Leggett & Platt; or Jim Herzog of Armco, 201-316-5276/

CO: Leggett & Platt Inc.; Armco Inc. ST: Missouri IN: SU: TNM

MC -- DV001 -- 1101 08/10/93 10:04 EDT
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Publication:PR Newswire
Date:Aug 10, 1993

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