- Mattress Firm Transaction Expected to
Close in Mid to Late 2024
LEXINGTON, Ky., Nov. 20,
2023 /PRNewswire/ -- Tempur Sealy International,
Inc. (NYSE: TPX, "Company" or "Tempur Sealy") today announced
it has certified substantial compliance with the Federal Trade
Commission's ("FTC") second request for documents and information
pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended. This certification is in connection with the
proposed acquisition by Tempur Sealy, a leading global bedding
company, of Mattress Firm, the nation's largest mattress specialty
retailer, as previously announced on May 9,
2023.
Tempur Sealy Chairman and CEO Scott
Thompson said, "We are excited about the long-term growth
prospects for our global Company and believe a combination with
Mattress Firm will further accelerate our shared opportunities.
This combination will complement Tempur Sealy's extensive product
development and manufacturing capabilities with vertically
integrated retail, bringing Tempur Sealy closer to consumers and
facilitating continued innovation."
Pending satisfaction of closing conditions and receipt of all
regulatory approvals, the Company expects to close the transaction
in mid to late 2024.
Forward-Looking Statements
This press release contains statements that may be characterized
as "forward-looking" within the meaning of the federal securities
laws. Such statements might include information concerning one or
more of the Company's plans, guidance, objectives, goals,
strategies, and other information that is not historical
information. When used in this release, the words "will,"
"targets," "expects," "anticipates," "plans," "proposed,"
"intends," and variations of such words or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the Company's expectations regarding regulatory
approvals, future performance, cost synergies, integration with our
business, personnel, the impact of the anticipated acquisition on
the Company's brands, products, customer base, results of
operations, or financial position and the ability of the Company to
close the acquisition including on the timeline indicated. Any
forward-looking statements contained herein are based upon current
expectations and beliefs and various assumptions. There can be no
assurance that the Company will realize these expectations or that
these beliefs will prove correct.
Numerous factors, many of which are beyond the Company's
control, could cause actual results to differ materially from any
that may be expressed herein as forward-looking statements. These
potential risks include risks associated with receipt of regulatory
approvals and satisfaction of closing conditions prior to
consummation of the acquisition, Mattress Firms' ongoing
operations; the ability to successfully integrate Mattress Firm
into Tempur Sealy's operations and realize synergies from the
transaction; the possibility that the expected benefits of the
acquisition are not realized when expected or at all; general
economic, financial and industry conditions, particularly
conditions relating to the financial performance and related credit
issues present in the retail sector, as well as consumer confidence
and the availability of consumer financing; the impact of the
macroeconomic environment in both the U.S. and internationally on
Mattress Firm and the Company; uncertainties arising from national
and global events; industry competition; the effects of
consolidation of retailers on revenues and costs; and consumer
acceptance and changes in demand for Mattress Firm's and the
Company's products the factors discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2022. There may be other factors
that may cause the Company's actual results to differ materially
from the forward-looking statements. The Company undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made.
About the Company
Tempur Sealy is committed to improving the sleep of more people,
every night, all around the world. As a leading designer,
manufacturer, distributor, and retailer of bedding products
worldwide, we know how crucial a good night of sleep is to overall
health and wellness. Utilizing over a century of knowledge and
industry-leading innovation, we deliver award-winning products that
provide breakthrough sleep solutions to consumers in over 100
countries.
Our highly recognized brands include Tempur-Pedic®, Sealy® and
Stearns & Foster® and our popular non-branded offerings consist
of value-focused private label and OEM products. At Tempur Sealy we
understand the importance of meeting our customers wherever and
however they want to shop and have developed a powerful
omni-channel retail strategy. Our products allow for complementary
merchandising strategies and are sold through third-party
retailers, our 700+ Company-owned stores worldwide and our
e-commerce channels. With the range of our offerings and variety of
purchasing options, we are dedicated to continuing to turn our
mission to improve the sleep of more people, every night, all
around the world into a reality.
Importantly, we are committed to carrying out our global
responsibility to protect the environment and the communities in
which we operate. As part of that commitment, we have established
the goal of achieving carbon neutrality for our global wholly owned
operations by 2040.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.