Tempur-Pedic increases share repurchase program
By Furniture Today Staff -- Furniture Today, June 12, 2006
Lexington, Ky. — Visco-elastic mattress producer Tempur-Pedic International said its board has authorized a $40 million increase in its share repurchase program.
The increase, which boosts the total repurchase program to $240 million, should "significantly increase shareholder value over the long term," said CEO Thomas Bryant.
"We are very confident in the company's future, our superior products and our ability to remain the market leader in the visco-elastic, premium mattress and premium pillow categories," he said.
Through May 22, the company has repurchased over 15 million shares at a total cost of $180 million.
No timetable was given for the latest repurchase effort. The company said the timing and number of shares repurchased will depend on price, financing, regulatory requirements and other market conditions.
