Tempur-Pedic Completes Sealy Acquisition

(RTTNews.com) - Tempur-Pedic International Inc. ( TPX ) said Monday that it has completed its acquisition of Sealy Corp. ( ZZ ).

In September 2012, Tempur-Pedic agreed to buy smaller peer Sealy Corp. for $2.20 per share in deal valued at about $1.3 billion, including outstanding debt.

The combination of Tempur-Pedic and Sealy creates the world's largest bedding provider. Together, Tempur-Pedic and Sealy have the strongest brand portfolio with the most highly recognized brands in the industry, including Tempur, Tempur-Pedic, Sealy, Sealy Posturepedic, Optimum and Stearns & Foster.

The company also said Monday that it plans to change its corporate name to Tempur Sealy International, Inc. The company will seek shareholder approval for the proposed change at its Annual Meeting of Shareholders in May. The company's global corporate headquarters will be in Lexington, Kentucky, and its common stock will continue to trade on the NYSE under the symbol "TPX".

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