Posted 10/1/2012 - 12:36:05 PM
TRINITY, NC & LEXINGTON, KY—Sealy Corporation and Tempur-Pedic International Inc. have signed a definitive agreement to create a $2.7-billion global bedding provider. The combination brings together two complementary companies with iconic brands and significant opportunity for global innovation and growth.
Sealy, whose roots date back to 1881, is a leader in the manufacturing and marketing of a broad range of mattresses and foundations. The company’s portfolio includes well-known bedding brands Sealy, Sealy Posturepedic and Stearns & Foster.
Founded in 1992, Tempur-Pedic is a manufacturer, marketer and distributor of mattresses and pillows made from its proprietary TEMPUR pressure-relieving material. Its products are sold in more than 80 countries under the Tempur and Tempur-Pedic brand names.
“This is a transformational deal that brings together two great companies, each with globally recognized brands,” Tempur-Pedic CEO Mark Sarvary said in a statement. “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 will span more than 80 countries. The shared know-how and improved efficiency of the combined company will result in tremendous value for our consumers, retailers and shareholders.”
Tempur-Pedic and Sealy will operate independently. Larry Rogers, CEO of Sealy, who has been with Sealy for 33 years, will remain CEO of Sealy and will report to Mr. Sarvary.