Tempur Sealy Increases Share Repurchase Program by $200 Million

June 9, 2016  by in Business Strategy, Industry   

Since the program was announced on February 4, 2016 through June 8, 2016, the Company has repurchased approximately 3.4 million shares for a total cost of approximately $195 million. After this increased authorization, the Company has approximately $205 million remaining available for future share repurchases.

Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, "The Company generates strong free cash flow and this new authorization is consistent with our previously disclosed long-term strategy to manage our capital structure and, when appropriate, return excess cash to our shareholders."

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.