LEXINGTON, Ky., Feb. 5, 2025
/PRNewswire/ -- In connection with the closing of its acquisition
of Mattress Firm, Tempur Sealy International, Inc. (NYSE: TPX,
"Company" or "Tempur Sealy") today announced it will change its
name to Somnigroup International Inc. ("Somnigroup"), effective
February 18, 2025.
Chairman and CEO Scott Thompson
said, "We are thrilled to announce a new name to our expanded
vision. The name Somnigroup is derived from the Latin somn
meaning sleep, omni meaning all, and "group" to represent
our omni-channel strategy. The name Somnigroup International
reflects our position as a global holding company and provider of
sleep solutions with a portfolio of outstanding businesses – Tempur
Sealy, Dreams and Mattress Firm – as well as the future direction
of the company. We look forward to continuing to improve people's
lives through better sleep for the next 100 years and
beyond."
Mattress Firm, Dreams and Tempur Sealy will operate as
decentralized business units under Somnigroup.
Mattress Firm and Dreams will continue to operate as multi-branded
retailers and Tempur Sealy, primarily a manufacturer, will continue
to serve third-party retailers as well as Mattress Firm, Dreams and
Tempur Sealy direct-to-consumer channels. The Company aims to
deliver long-term growth for shareholders while serving the
evolving needs of consumers worldwide through innovation, industry
expertise and its portfolio of award-winning brands.
At the time of the Company's name change, shares of Somnigroup
common stock will trade on the New York Stock Exchange under ticker
symbol "SGI".
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
"will," "targets," "expects," "anticipates," "plans," "proposed,"
"intends," 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 the completed
Mattress Firm acquisition, including expectations regarding future
performance and integration of Mattress Firm with our business. 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
potential risks include risks associated with Mattress Firm's
ongoing operations; the ability to successfully integrate Mattress
Firm into Tempur Sealy's operations and realize synergies from the
transaction; the possibility that the expected benefits of the
acquisition are not realized when expected or at all; general
economic, financial and industry conditions, particularly
conditions relating to the financial performance and related credit
issues present in the retail sector, as well as consumer confidence
and the availability of consumer financing; the impact of the
macroeconomic environment in both the U.S. and internationally on
Mattress Firm and the Company; uncertainties arising from national
and global events; industry competition; the effects of
consolidation of retailers on revenues and costs; and consumer
acceptance and changes in demand for Mattress Firm's and the
Company's products and the factors discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 2023. 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 Tempur Sealy International, Inc.
Tempur Sealy is committed to improving the sleep of more
people, every night, all around the world. As a leading designer,
manufacturer, distributor, and retailer of bedding products
worldwide, 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® and
Stearns & Foster® and our popular non-branded offerings consist
of value-focused private label and OEM products. At Tempur
Sealy we understand the importance of meeting our customers
wherever and however they want to shop and have developed a
powerful omni-channel retail strategy. Our products allow for
complementary merchandising strategies and are sold through
third-party retailers, our 650+ Company-owned stores worldwide and
our e-commerce channels. With the range of our offerings and
variety of purchasing options, we are dedicated to continuing to
turn our mission to improve the sleep of more people, every night,
all around the world into a reality.
Importantly, we are committed to carrying out our global
responsibility to protect the environment and the communities in
which we operate. As part of that commitment, we have established
the goal of achieving carbon neutrality for our global wholly owned
operations by 2040.
Tempur Sealy 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-international-inc-to-change-its-name-to-somnigroup-international-inc-302368965.html
SOURCE Tempur Sealy International, Inc.
