– Expects FTC to complete its review by
the end of the second quarter
– Continues to expect the transaction to
close in mid to late 2024
– Further solidifies key supplier
relationships to maintain Mattress Firm's position as a leading
multi-branded retailer
LEXINGTON, Ky., March 12,
2024 /PRNewswire/ -- Tempur Sealy International, Inc.
(NYSE: TPX, "Company" or "Tempur Sealy") today provided an update
with respect to the Company's acquisition of Mattress Firm Group
Inc. ("Mattress Firm"). On May 9,
2023, Tempur Sealy signed a definitive agreement to acquire
Mattress Firm, the largest mattress specialty retailer in the U.S.
The Company continues to work with the Federal Trade Commission
("FTC") to advance the transaction, and now expects that the FTC
will complete its review by the end of the second quarter.
Consistent with previous expectations, the Company continues to
expect the transaction to close in mid to late 2024.
Tempur Sealy and Mattress Firm continue to make joint progress
in planning for post-closing, including solidifying Mattress Firm's
key supplier relationships ahead of the expected closing. Since
announcing the acquisition, Tempur Sealy has executed post-closing
supply agreements with six (6) other mattress manufacturers,
including Purple Innovation, Inc. These contracts are consistent
with the Company's plan for Mattress Firm to continue as a
multi-branded retailer.
Tempur Sealy Chairman and CEO Scott
Thompson commented, "Since announcing the acquisition in
May, Tempur Sealy has signed post-closing supply agreements with
numerous existing Mattress Firm suppliers, as well as a new supply
agreement with a manufacturer not currently supplying Mattress
Firm. We have engaged a critical mass of suppliers to provide a
robust and diverse offering of high quality bedding products to
Mattress Firm customers. These developments are consistent with our
plan and expectation that Mattress Firm will continue as a
multi-branded retailer post-closing. We look forward to
working with quality suppliers and the Mattress Firm organization
to facilitate continued innovation and improve the sleep of
consumers."
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 the announced
Mattress Firm acquisition including the related regulatory approval
process, expectations regarding post-closing supply agreements,
future performance, cost synergies, integration of acquired
companies 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 Firm's 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 and the factors discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023. 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 Tempur Sealy International, Inc.
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 over 750 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.
Tempur Sealy 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.