Portland Mattress Store News: Tempur-Pedic, a leading manufacturer, marketer and distributor of premium mattresses and pillows worldwide, and Sealy, a leading global bedding manufacturer, announced that they have signed a definitive agreement to create a $2.7 billion global bedding provider. The official website is: Tempur Sealy
The combination brings together two highly complementary companies with iconic brands and significant opportunities for global innovation and growth. Founded in 1992, Tempur-Pedic is the leading manufacturer, marketer and distributor of premium mattresses and pillows made from its proprietary TEMPUR pressure-relieving material in over 80 countries under the Tempur and Tempur-Pedic brand names. Sealy, with roots dating back to 1881 is a leader in the manufacturing and marketing of a broad range of high quality mattresses and foundations with a portfolio of well-known bedding brands, including Sealy, Sealy Posturepedic, and Stearns & Foster.
The transaction was approved by the Boards of Directors of both companies. Stockholders holding approximately 51% of Sealy’s outstanding common stock have executed a written consent approving the transaction. No additional shareholder approvals are required to complete the transaction. Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share, representing a premium of approximately 23 percent to Sealy’s 30-day average closing price on Wednesday, September 26, 2012. In addition, Tempur-Pedic will assume or repay all of Sealy’s outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion. The transaction, which is subject to customary closing conditions, including regulatory approvals, is expected to close during the first half of 2013.
Tempur-Pedic Chief Executive Officer Mark Sarvary commented, “This is a transformational deal that brings together two great companies, each with globally recognized brands. Tempur-Pedic and Sealy together will have products for almost every consumer preference and price point, distribution through all key channels, in-house expertise on most key bedding technologies, and a world-class research and development team. In addition, our global footprint willspan over 80 countries. The shared know-how and improved efficiencies of the combined company will result in tremendous value for our consumers, retailers and shareholders.”
Tempur-Pedic and Sealy will operate independently. Larry Rogers, Chief Executive Officer of Sealy, who has been with Sealy for 33 years, will remain CEO of Sealy and report to Mr. Sarvary.
Sealy Chief Executive Officer Larry Rogers, said, “The complementary product and market fit of these two companies deliver a unique opportunity to create the first full spectrum, global bedding company that addresses all market segments and consumer preferences. Together, we believe that we can deliver more value than either business could on its own by leveraging our strong combined assets.”
Tempur-Pedic and Sealy have highly complementary products, brands, technologies, and geographic footprints. Their combination will provide significant opportunity for both entities to leverage each other’s capabilities to grow beyond their current footprints, and to increase efficiencies across the entire supply chain.
Filed under: PORTLAND MATTRESS STORE NEWS
While you can't go wrong with any of our mattresses, here are a few factors you'll want to consider before making a purchase: your sleep position (and if you have a partner, theirs as well), the size of the space, and a price point. If you have any questions, rest easy knowing that our team is happy to help you find that perfect fit.
|Twin||38″ wide x 75″ long x 9.25″ tall|
|Twin XL||38″ wide x 80″ long x 9.25″ tall|
|Full||54″ wide x 75″ long x 9.25″ tall|
|Queen||60″ wide x 80″ long x 9.25″ tall|
|King||76″ wide x 80″ long x 9.25″ tall|
|Cal King||72″ wide x 84″ long x 9.25″ tall|
|Split King (2pk)||38″ wide x 80″ long x 9.25″ tall|
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