TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 is disclosed on this Current Report on Form 8-K solely because it was deemed to be a significant disposition of assets to Instruction 4 of Item 2.01. The transaction is otherwise immaterial to the Company (as defined below).
Item 2.01 Completion of Acquisition or Disposition of Assets
On December 28, 2018, a subsidiary of Tempur Sealy International, Inc. (the “Company”) in Latin America completed a transaction to which it sold substantially all of its assets to Bed Time S.A., an unrelated third party, for approximately $2.6 million in cash, subject to certain working capital adjustments to be determined within 150 days (which may be extended by up to 90 days under certain circumstances) of the closing (the “Transaction”). The Transaction was entered into in connection with the Company’s previously disclosed evaluation of its International business segment operations to which it identified certain Latin American subsidiaries with low profitability and difficult operating environments with higher operational risk and volatility. As a result of this evaluation, the Company decided to divest of the net assets of its Latin American subsidiaries and enter into licensee relationships in those markets.
Item 9.01 Financial Statements and Exhibits
(b) Pro forma financial information is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
(d) Exhibits
TEMPUR SEALY INTERNATIONAL, INC. Exhibit
EX-99.1 2 dispositionexhibit.htm EXHIBIT 99.1 Exhibit Exhibit 99.1TEMPUR SEALY INTERNATIONAL,…
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About TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX)
Tempur Sealy International, Inc. is a bedding provider. The Company develops, manufactures, markets and distributes bedding products. It operates in two segments: North America, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the United States and Canada, and International, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. Its brands include TEMPUR, Tempur-Pedic, Sealy, Sealy Posturepedic, Optimum and Stearns & Foster. It sells products through over two distribution channels in each segment: retail (furniture and bedding retailers, department stores, specialty retailers and warehouse clubs), and other (direct-to-consumer through e-commerce platforms, company-owned stores and call centers, third-party distributors, hospitality and healthcare customers).