Triad-based mattress giant Sealy is being acquired by rival Tempur-Pedic. The Lexington, Kentucky-based leader in foam mattresses will pay about $228 million in cash, and assume or pay back all of Sealy's outstanding debt. The merger would create the world's largest bedding company. Tempur-Pedic CEO Mark Sarvary says no major changes are expected in how either company is run.
"The two companies will run independently - obviously until closing, but afterwards too. We do intend to keep the 2 companies separate. What I do foresee however is leveraging each other's product development, because I think there's opportunities for both of us to teach each other, and I think that's what we're going to see first," says Sarvary.
The buyout is expected to close early next year. Sealy operates a research and development center in High Point; company officials suggested there could be some consolidation in R&D...or there might be new investment. Sealy CEO Larry Rogers will remain in his post, reporting to Sarvary.