Tempur Sealy Int - TPX STOCK NEWS

Tempur Sealy International (NYSE: TPX) announced leadership changes at its recently acquired subsidiary, Mattress Firm. John Eck is stepping down as CEO of Mattress Firm after 6 successful years, with Scott Thompson, Chairman and CEO of Tempur Sealy, serving as Interim CEO. A new permanent CEO is expected to be appointed within 6-9 months, and Eck will remain as a consultant to ensure a smooth transition.

The company also confirmed its previously announced name change to Somnigroup International, effective February 18, 2025. Under the new structure, Mattress Firm, Dreams, and Tempur Sealy will operate as decentralized business units. Mattress Firm and Dreams will continue as multi-branded retailers, while Tempur Sealy will maintain its manufacturing operations, serving both third-party retailers and direct-to-consumer channels.

Tempur Sealy International (NYSE: TPX) has completed its acquisition of Mattress Firm, the nation's largest mattress specialty retailer, for approximately $5 billion. The deal was funded with $2.7 billion in cash and 34.2 million shares of common stock. The company will change its name to Somnigroup International effective February 18, 2025, and will trade under the ticker symbol 'SGI'.

On a pro forma basis, the combined company generated approximately $8 billion in sales over the previous twelve months ending December 31, 2024, with 85% from North America and 15% from International markets. About 65% of sales come from direct-to-consumer channels and 35% from third-party retailers.

The company expects to divest 73 Mattress Firm retail locations and its Sleep Outfitters subsidiary to Mattress Warehouse in Q2 2025. Peter Sachse, with over 30 years of retail leadership experience, has been appointed to the Board of Directors.

Tempur Sealy International (NYSE: TPX) has announced it will change its name to Somnigroup International effective February 18, 2025, following its Mattress Firm acquisition. The new name, derived from Latin roots meaning sleep (somn) and all (omni), reflects the company's global omni-channel strategy.

Under the new structure, Mattress Firm, Dreams, and Tempur Sealy will operate as decentralized business units under Somnigroup. Mattress Firm and Dreams will continue as multi-branded retailers, while Tempur Sealy will maintain its manufacturing operations, serving third-party retailers and direct-to-consumer channels.

The company's shares will trade on the New York Stock Exchange under the new ticker symbol SGI. The rebranding aligns with the company's expanded vision to improve lives through better sleep and deliver long-term shareholder growth through innovation and industry expertise.

Tempur Sealy International (NYSE: TPX) has received clearance to complete its acquisition of Mattress Firm Group, the largest mattress specialty retailer in the United States, with closing expected on February 5, 2025. This follows the U.S. District Court for the Southern District of Texas denying the Federal Trade Commission's (FTC) motion for a preliminary injunction to stop the acquisition. The FTC has confirmed it will not seek emergency relief or prevent the transaction.

The combination will create the leading vertically integrated global bedding company, according to CEO Scott Thompson. The company has scheduled two conference calls: one on February 6, 2025, to discuss the transaction, and another on February 20, 2025, to review Q4 and Full Year 2024 financial results.

Tempur Sealy International (NYSE: TPX) has announced a partnership between Tempur-Pedic and Calm, the leading mindfulness app, to enhance sleep experiences for TEMPUR-Ergo® Smart Base users. The collaboration will integrate Calm's exclusive Sleep Stories®, soundscapes, and guided sleep meditations into the Sleeptracker-AI app, creating a multisensory experience through the mattress.

According to company data, 70% of consumers struggle with falling asleep, and 64% require a clear mind to do so. The TEMPUR-Ergo ProSmart Bases, launched in 2023, are designed to help users fall asleep faster through relaxation programs and minimize sleep disruptors like snoring. The new features will be available to both current and future base owners later this Spring.

Tempur Sealy International (NYSE: TPX) has unveiled its new Sealy Posturepedic® collection, building on 75 years of expertise in mattress innovation. The collection features four tiers: Sealy Posturepedic, Plus, Pro, and Elite, spanning entry-level to premium price points.

The highlight is the exclusive, patent-pending PrecisionFit™ Coils technology, which adapts to individual body shapes to maintain natural alignment. Additional features include MAXSUPPORT™ TECHNOLOGY for targeted support, DURAFLEX™ COIL EDGE for enhanced edge support, and ADVANCED SEALYCHILL™ TECHNOLOGY offering 40% more cooling capability.

Each mattress undergoes rigorous testing, including robotic simulations and a 500-mile shipping test, and comes with a 10-year warranty. Sealy maintains its position as America's #1 mattress brand, based on TraQline consumer survey data from 2023.

Tempur Sealy International (NYSE: TPX) has announced it will release its financial results for the fourth quarter and full year 2024 before the NYSE opens on Thursday, February 20, 2025. The company will host a conference call at 8:00 a.m. Eastern Time on the same day. Investors can access the webcast through the company's investor relations website at investor.tempursealy.com. A replay of the webcast will be available on the website for 30 days following the call.

Tempur Sealy (NYSE: TPX) has announced its fourth quarter cash dividend of $0.13 per share. The dividend will be paid on December 5, 2024, to shareholders who are on record as of November 21, 2024. This announcement comes following the Board of Directors' declaration of the quarterly dividend payment.

Tempur Sealy International (TPX) reported strong Q3 2024 financial results with consolidated sales growth of 1.8% to $1,300.0 million. The company saw a 14.7% increase in net income to $130.0 million and a 14.1% rise in EPS to $0.73. While North America sales decreased by 0.8%, International segment showed robust growth of 12.4%. Gross margin improved to 45.4% compared to 44.9% in Q3 2023. The company generated strong cash flow from operations of $257 million and narrowed its full-year 2024 adjusted EPS guidance to $2.45-$2.55.