Tempur Sealy Increases Share Repurchase Authorization

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.

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 $600 million. In the trailing twelve months ended September 30, 2021, Tempur Sealy repurchased approximately 20 million shares at an aggregate cost of approximately $700 million.

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.

FAQ

What is the new share repurchase authorization for TPX?

The new share repurchase authorization for Tempur Sealy (TPX) is $600 million.

How many shares did Tempur Sealy repurchase in the last year?

Tempur Sealy repurchased approximately 20 million shares in the trailing twelve months.

What was the cost of the shares repurchased by Tempur Sealy?

The cost of shares repurchased by Tempur Sealy in the last year was about $700 million.

How will the share repurchase program impact TPX stock?

The share repurchase program is expected to enhance shareholder value and may positively influence TPX stock price.