Tempur Sealy Beats Raises and ups repurchase to $300m
Share repurchase
Tempur Sealy announced that its board has increased the authorization under the company's share repurchase program by over $190M to a total of $300M. Since the program was announced in 2016, the company has repurchased approximately 10.8M shares for a total investment of approximately $691.6M at an average price per share of $63.84. The company expects to purchase at least $50M of its common stock per quarter in the near term. At the company's current market capitalization, that would represent approximately 4% of outstanding shares in 2020.
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Tempur Sealy International, Inc. develops, manufactures, markets and distributes bedding products. It operates through North America and International segments. The North America segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the U.S. and Canada. The International segment consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. Its products include mattresses, adjustable bases, pillows and other sleep and relaxation products. Its brands include Tempur, Tempur-Pedic, Sealy featuring Posturepedic Technology and Stearns & Foster. The company was founded by Robert B. Trussell, Jr. in 1992 and is headquartered in Lexington, KY.