LEXINGTON, Ky., Dec. 13, 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 $1.5 billion.
Tempur Sealy repurchased approximately 20 million shares at an
aggregate cost of approximately $700
million in the trailing twelve months ended September 30, 2021.
Company Chairman and CEO Scott
Thompson commented, "This newest share repurchase
authorization represents approximately 15 percent of the Company's
current market capitalization. We expect to execute on this
authorization while maintaining a leverage ratio below the
mid-point of our long-term target range of 2 to 3 times adjusted
EBITDA."
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.
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, guidance, objectives, goals,
strategies, and other information that is not historical
information. When used in this release, the words "expect" and
variations of such words or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements include, without limitation, statements relating to the
Company's expectations regarding its share repurchase plans. 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.
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
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SOURCE Tempur Sealy International, Inc.