LEXINGTON, Ky., Aug. 20, 2020 /PRNewswire/ -- Tempur Sealy
International, Inc. (NYSE: TPX, "Company" or "Tempur Sealy")
announced plans today to open its 30th North American
manufacturing facility. This newest facility is expected to open on
the West Coast in the first quarter of 2021 and result in three new
manufacturing facilities opening within a six-month period.
Tempur Sealy Chairman and CEO Scott Thompson
commented, "The strong demand for bedding, and our products
specifically, has continued into the third quarter and we are
optimistic about the fundamental trajectory of the business for the
foreseeable future. We are facing capacity constraints on U.S.
Sealy and Sherwood products that are limiting our ability to meet
our customer demand. Sealy is the number one mattress manufacturer
in the U.S. based on volume1 and is
experiencing double digit growth, so this opportunity to open a new
facility in the western region of the U.S. is well-timed.
"I should also point out that Tempur-Pedic is currently growing
faster than Sealy in the U.S. Our U.S. Tempur-Pedic products are
not capacity constrained, as our Tempur-Pedic manufacturing
facilities can produce at levels consistent with current market
demand," said Thompson.
Thompson continued, "Our team is always evaluating opportunities
to improve customer service and optimize our operations. We
are committed to deliver high-quality products across our broad
distribution network, and believe that this facility, in
conjunction with our previously announced expansions in
Dallas, TX and the northeast, will
support the elevated demand. Our previously disclosed 2020 capital
expenditures contemplated the new facilities, which will be funded
from operating cash flow."
Forward-Looking Statements
This press release contains statements that may be characterized
as "forward-looking," within the meaning of the federal securities
laws. Such statements might include information concerning one or
more of the Company's plans, objectives, goals, strategies, and
other information that is not historical information. When used in
this release, the words "expected," "optimistic," and variations of
such words or similar expressions are intended to identify
forward-looking statements. Any forward-looking statements
contained herein are based upon current expectations and beliefs
and various assumptions. There can be no assurance that the Company
will realize these expectations or that these beliefs will prove
correct.
Numerous factors, many of which are beyond the Company's
control, could cause actual results to differ materially from any
that may be expressed herein as forward-looking statements. These
risk factors include the impact of the macroeconomic environment in
both the U.S. and internationally on the Company's business
segments and expectations regarding growth of the mattress
industry; risks associated with the duration, scope and severity of
COVID-19 and its effects on the Company's business and operations,
including the disruption or delay of production and delivery of
materials and products in the Company's supply chain; the impact of
travel bans, work-from-home policies, or shelter-in-place orders; a
temporary or prolonged shutdown of manufacturing facilities or
retail stores and decreased retail traffic; uncertainties arising
from global events, natural disasters or pandemics; the effects of
strategic investments on the Company's operations, including
efforts to expand its global market share; the efficiency and
effectiveness of the Company's advertising campaigns and other
marketing programs; consumer acceptance of the Company's products;
general economic, financial and industry conditions, particularly
conditions relating to liquidity, financial performance and related
credit issues present in the retail sector; financial distress
among the Company's business partners, customers and competitors,
and financial solvency and related problems experienced by other
market participants, any of which may be amplified by the effects
of COVID-19.
Other potential risk factors include the risk factors discussed
under the heading "Risk Factors" in Part I, ITEM 1A of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019 and in Part II, ITEM 1A of the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. There may be other factors that
may cause the Company's actual results to differ materially from
the forward-looking statements. The Company undertakes no
obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is
made.
About the Company
Tempur Sealy International, Inc. (NYSE: TPX) is the world's
largest bedding manufacturer. Tempur Sealy International, Inc.
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 800-805-3635.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
1 See Furniture Today's Top 20 U.S. Bedding
Producers methodology that includes SEALY® and STEARNS
& FOSTER® products in Sealy ranking.
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SOURCE Tempur Sealy International, Inc.