Benzinga | Aug 19, 2021 07:11AM EDT

Tempur Sealy Announces Contract Extension With Mattress Firm Inc.

Tempur Sealy International, Inc. (NYSE:TPX, &quot, Tempur Sealy&quot, or &quot, the Company&quot, ))) today announced that it has signed a multi-year extension to its current supply agreement with Mattress Firm, Inc. ("Mattress Firm"), the largest specialty mattress retailer in the U.S. The new extension is on the same terms as the current agreement.

Tempur Sealy entered into a mutually beneficial agreement with Mattress Firm in 2019 to supply them with Tempur Sealy's portfolio of highly innovative and highly sought-after products. Distribution of the Company's Sealy and Tempur mattress brands, now the number one and number two top selling brands in the U.S.*, through more than 2,300 Mattress Firm stores provides consumers with additional purchasing options consistent with the Company's strategy of ensuring its products are available how and where the customer wants to shop. The relationship has resulted in strong sales for both Tempur Sealy and Mattress Firm.

Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "Mattress Firm is a valued retail partner and we are thrilled with the growth potential the extension of our agreement provides for both companies. We believe it also creates a stronger domestic bedding industry, which since 2019 has realized increasing average selling prices and experienced growing advertising share of voice for bedding products engaging consumers and driving foot traffic to all stores."