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FTC clears bedding maker Tempur-Pedic acquisition of Sealy
11
Mar '13
Tempur-Pedic International Inc. a leading producer, marketer and distributor of premium mattresses and pillows worldwide, and Sealy Corporation, a leading global bedding manufacturer, announced that the Federal Trade Commission ("FTC") has cleared the Company's planned acquisition of Sealy. Based on this, the Company intends to close the acquisition on March 18, 2013, subject to customary closing conditions.

"I am pleased that the FTC has concluded its review and we can complete the acquisition of Sealy.  The combination of Tempur-Pedic and Sealy unites two highly complementary companies with iconic brands to create the first full spectrum, global bedding company that addresses all market segments and consumer preferences," said Mark Sarvary, Chief Executive Officer, Tempur-Pedic.

As previously disclosed, Tempur-Pedic will acquire all of the outstanding common stock of Sealy for $2.20 per share and all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of approximately $1.3 billion.

About Tempur-Pedic International  

Tempur-Pedic International Inc. manufactures and distributes mattresses and pillows made from its proprietary TEMPUR pressure-relieving material. It is the worldwide leader in premium and specialty sleep.

The Company is focused on developing, manufacturing and marketing advanced sleep surfaces that help improve the quality of life for people around the world. The Company's products are currently sold in over 80 countries. World headquarters for Tempur-Pedic International is in Lexington, KY.

About Sealy 

Sealy owns one of the largest bedding brands in the world, with sales of $1.3 billion in fiscal 2012. The company manufactures and markets a broad range of mattresses and foundations under the Sealy, Sealy Posturepedic, Optimum by Sealy Posturepedic, Stearns & Foster, and Bassett brands.

Sealy operates 25 plants in North America, and has the largest market share and highest consumer awareness of any bedding brand on the continent. In the United States, Sealy sells its products to approximately 3,000 customers with more than 11,000 retail outlets. Sealy is also a leading supplier to the hospitality industry.

Tempur-Pedic

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