LEXINGTON, Ky., Dec. 19, 2019 /PRNewswire/ -- Tempur Sealy
International, Inc. (NYSE: TPX, "Company") announced today
that it would make a special contribution before December 31, 2019 of 100,000 shares of its common
stock to certain public charities, including the Tempur Sealy
Foundation. These shares have a market value of approximately
$9 million and represent the largest
single charitable contribution in the Company's history. Including
this contribution, the Company's charitable activities including
cash, common stock and product are valued in excess of $100 million over the last three years.
Additionally, the Company also announced the Tempur Sealy
Foundation is donating $200,000
across four Lexington, KY based
charities that focus on children and families in need, including
KVC Kentucky, Ronald McDonald House
of the Bluegrass, Sunrise Children's Services, and Lexington Rescue
Mission. These are local charities the Company has had a long-term
relationship with both in terms of contributions and service.
The one-time special contribution of stock with a market value
of approximately $9 million are being
made in recognition of the outstanding performance of the
Company's Chairman and CEO, Scott Thompson, and the employees of Tempur
Sealy over the last year.
Thompson stated, "this one-time special donation
reflects the commitment that we feel to communities and certain
causes, like children in need. It will be used in part to
fund the long-term needs for the Tempur Sealy Foundation, which
supports children's charities in Central Kentucky. I want to
thank the Board of Directors for recognizing the extraordinary
results that the employees of Tempur Sealy achieved this year,
primarily the enormous success of the Company's direct to consumer
business, the successful effort to resume the Mattress Firm
relationship, and expansion of the Big Lots relationship. I
am proud to be associated with such a supportive Board of Directors
and talented group of employees."
The Company plans to treat the approximate $9 million contributions, which do not involve
any cash payments, as an adjustment in calculating adjusted EBITDA
under the Company's senior secured credit agreement.
About the Company
Tempur Sealy International, Inc. (NYSE: TPX) develops,
manufactures, and markets mattresses, foundations, pillows and
other products. The Company's products are sold worldwide
through third party retailers, its own stores, and online. The
Company's brand portfolio includes many highly recognized brands in
the industry, including Tempur®, Tempur-Pedic®, Sealy® featuring
Posturepedic® Technology, and Stearns & Foster®. World
headquarters for Tempur Sealy International is in Lexington, KY. For more information,
visit http://www.tempursealy.com or call
Investor Relations Contact
Tempur Sealy International, Inc.
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