Tempur Sealy Increases Share Repurchase Authorization
Tempur Sealy International has announced a significant increase in its share repurchase program, raising the authorization to a total of $600 million.
Sentiment and the balance of points
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Rhea-AI Summary
Tempur Sealy International has announced a significant increase in its share repurchase program, raising the authorization to a total of $600 million. Over the past twelve months, the company has repurchased around 20 million shares for approximately $700 million. This strategy is intended to enhance shareholder value, with share repurchases occurring through various methods as determined by management. The program's execution will vary based on market conditions and regulatory requirements, with flexibility for modifications or suspensions.
Positive
- Increased share repurchase authorization to $600 million indicates confidence in future growth.
- Past twelve months saw approximately 20 million shares repurchased, enhancing shareholder value.
Negative
- None.
Details
News Market Reaction – TPX
The recorded move for TPX in the trading session of this news was -3.62%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
LEXINGTON, Ky., Oct. 28, 2021 /PRNewswire/ -- Tempur Sealy International, Inc. (NYSE: TPX, "Company" or "Tempur Sealy") today announced that its Board of Directors has increased the authorization under the Company's share repurchase program to a total of
Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, financing and regulatory requirements and other market conditions. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. Repurchases may be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under federal securities laws.
About Tempur Sealy International, Inc.
Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a global leader in the design, manufacture and distribution of bedding products, 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® featuring Posturepedic® Technology, and Stearns & Foster® and our non-branded offerings include value-focused private label and OEM products. Our distinct brands allow for complementary merchandising strategies and are sold through third-party retailers, our Company-owned stores and e-commerce channels. This omni-channel strategy ensures our products are offered wherever and however customers want to shop.
Lastly, we accept our global responsibility to serve all stakeholders, our community and environment. We have and are implementing programs consistent with our responsibilities.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
View original content:https://www.prnewswire.com/news-releases/tempur-sealy-increases-share-repurchase-authorization-301410544.html
SOURCE Tempur Sealy International, Inc.
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