Gabriel Holding has agreed to sell its European FurnMaster furniture manufacturing business to a wholly owned subsidiary of Leggett & Platt. The transaction covers two subsidiaries in Lithuania and Poland plus a dedicated division in Denmark, with an initial enterprise value of DKK 67.3 million and a potential deferred contingent payment of up to DKK 7.5 million. The company's Mexican FurnMaster operations are not included and remain for sale. The divestment aligns with Gabriel's adjusted growth strategy to focus on its global textile business, and management expects the cash proceeds to significantly strengthen the group's balance sheet.
Leggett & Platt IncorporatedAcquires European FurnMaster business for DKK 67.3 million, expanding its furniture manufacturing operations.
Sells European FurnMaster for DKK 67.3 million, strengthening balance sheet and focusing on textile business.