Company News

March 12, 2024

Tempur Sealy Comments on Mattress Firm Acquisition

Tempur Sealy Provides Update on Mattress Firm Acquisition

Mar. 12, 2024 4:30 PM ETTempur Sealy International, Inc. (TPX)

Tempur

–  Expects FTC to complete its review by the end of the second quarter

–  Continues to expect the transaction to close in mid to late 2024

–  Further solidifies key supplier relationships to maintain Mattress Firm’s position as a leading multi-branded retailer

LEXINGTON, Ky., March 12, 2024 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) today provided an update with respect to the Company’s acquisition of Mattress Firm Group Inc. (“Mattress Firm”). On May 9, 2023, Tempur Sealy signed a definitive agreement to acquire Mattress Firm, the largest mattress specialty retailer in the U.S. The Company continues to work with the Federal Trade Commission (“FTC”) to advance the transaction, and now expects that the FTC will complete its review by the end of the second quarter. Consistent with previous expectations, the Company continues to expect the transaction to close in mid to late 2024.

Tempur Sealy and Mattress Firm continue to make joint progress in planning for post-closing, including solidifying Mattress Firm’s key supplier relationships ahead of the expected closing. Since announcing the acquisition, Tempur Sealy has executed post-closing supply agreements with six (6) other mattress manufacturers, including Purple Innovation, Inc. These contracts are consistent with the Company’s plan for Mattress Firm to continue as a multi-branded retailer.

Tempur Sealy Chairman and CEO Scott Thompson commented, “Since announcing the acquisition in May, Tempur Sealy has signed post-closing supply agreements with numerous existing Mattress Firm suppliers, as well as a new supply agreement with a manufacturer not currently supplying Mattress Firm. We have engaged a critical mass of suppliers to provide a robust and diverse offering of high quality bedding products to Mattress Firm customers. These developments are consistent with our plan and expectation that Mattress Firm will continue as a multi-branded retailer post-closing.  We look forward to working with quality suppliers and the Mattress Firm organization to facilitate continued innovation and improve the sleep of consumers.”

Forward-Looking Statements

This press release contains statements that may be characterized as “forward-looking” within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company’s plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words “will,” “targets,” “expects,” “anticipates,” “plans,” “proposed,” “intends,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company’s expectations regarding the announced Mattress Firm acquisition including the related regulatory approval process, expectations regarding post-closing supply agreements, future performance, cost synergies, integration of acquired companies with our business, personnel, the impact of the anticipated acquisition on the Company’s brands, products, customer base, results of operations, or financial position and the ability of the Company to close the acquisition including on the timeline indicated. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.

Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These potential risks include risks associated with receipt of regulatory approvals and satisfaction of closing conditions prior to consummation of the acquisition; Mattress Firm’s ongoing operations; the ability to successfully integrate Mattress Firm into Tempur Sealy’s operations and realize synergies from the transaction; the possibility that the expected benefits of the acquisition are not realized when expected or at all; general economic, financial and industry conditions, particularly conditions relating to the financial performance and related credit issues present in the retail sector, as well as consumer confidence and the availability of consumer financing; the impact of the macroeconomic environment in both the U.S. and internationally on Mattress Firm and the Company; uncertainties arising from national and global events; industry competition; the effects of consolidation of retailers on revenues and costs; and consumer acceptance and changes in demand for Mattress Firm’s and the Company’s products and the factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There may be other factors that may cause the Company’s actual results to differ materially from the forward-looking statements. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

About Tempur Sealy International, Inc.

Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a leading designer, manufacturer, distributor and retailer of bedding products worldwide, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.

Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our popular non-branded offerings consist of value-focused private label and OEM products. At Tempur Sealy we understand the importance of meeting our customers wherever and however they want to shop and have developed a powerful omni-channel retail strategy. Our products allow for complementary merchandising strategies and are sold through third-party retailers, our over 750 Company-owned stores worldwide and our e-commerce channels.  With the range of our offerings and variety of purchasing options, we are dedicated to continuing to turn our mission to improve the sleep of more people, every night, all around the world into a reality. 

Importantly, we are committed to carrying out our global responsibility to protect the environment and the communities in which we operate. As part of that commitment, we have established the goal of achieving carbon neutrality for our global wholly owned operations by 2040.

Tempur Sealy Investor Relations Contact

Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com

https://seekingalpha.com/pr/19653062-tempur-sealy-provides-update-on-mattress-firm-acquisition?mailingid=34661025&messageid=2900&serial=34661025.668

March 11, 2024

Another Relocation of Services to Costa Rica

German chemical company increase operations in Costa Rica

Published on Monday, March 11, 2024 By the A.M. Costa Rica staff

The German-headquartered Brenntag, a chemical and ingredients distribution firm opened its Finance Shared Services Center in Costa Rica to provide financial and accounting support for its Americas operations.

The company, known as Quimicos Holanda S.A, has been operating in Costa Rica since 1978 with the Shared Services Center (SSC) located in the Global Park Industrial Zone in Heredia Province.

“We are very proud to be inaugurating our Americas Shared Services Center in Latin America. We’ve chosen Costa Rica for its strategic geographical location and quality professional employees,” said Mónica González HR Manager. “Our arrival to this country is the result of a multi-year plan launched to start a business center to support our regional operations in the Americas.” 

The multinational is now hiring for its new Finance Shared Services Center for processes such as procurement, sales recording and collection, and corporate financial information documentation and reporting. New hires must have language fluency equivalent to an English level of B1 to C1, a French level of B2 and a Spanish level of B2.

Brenntag offers benefits, including incentive programs and continuous education. Those interested can apply at the firm career’s website.

Brenntag has a global team of more than 17,500 employees who deliver a unique portfolio of industrial and specialty chemicals and ingredients combined with customized application, marketing and supply chain solutions worldwide. The company operates a network of more than 600 sites in 72 countries.

In 2022, Brenntag generated sales of around 19.4 billion EUR. The company shares have been listed on the Frankfurt Stock Exchange since 2010, and in the DAX since September 2021. In addition, the Brenntag SE shares are listed in the DAX 50 ESG and DAX ESG Target. 

Brenntag is one of many international firms hiring in Costa Rica.  Last week, the California-headquartered digital technology firm, Movate, announced the expansion of its operations in the country.

Costa Rica’s unemployment remains at 7.9%, according to the National Employment Survey. Data recorded from Nov. 2023 to Jan. 2024 shows more than 183,000 people without registered jobs. Of these, 104,000 are men, making up 56% of the unemployed people in the country.

https://amcostarica.com/German%20chemical%20increase%20operations%20in%20Costa%20Rica%20031124.html

March 4, 2024

Evonik Says Economic Recovery Unlikely in 2024, Plans 2,000 Job Cuts

March 4 (Reuters) – German chemicals group Evonik Industries said on Monday it did not expect an economic recovery in 2024 and announced up to 2,000 job cuts worldwide by 2026. The job cuts are expected to reduce costs by 400 million euros ($434.04 million) annually, the company said, adding that the majority – some 1,500 – would be in Germany. Chemical companies have been under pressure for more than a year, forced to reduce inventories on lower demand from industrial clients as energy prices soared.

“We will have to be prepared for the economic storm to continue in the global economy,” said CEO Christian Kullmann on a conference call, adding that the company hopes customers will be in a position to benefit from the more recent fall in energy prices. Evonik, whose products are used in items from animal feed and diapers to Pfizer/BioNTech’s COVID-19 vaccine, expects 2024 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of 1.7 billion to 2.0 billion euros ($1.84 billion-$2.17 billion).

This compares with a 2023 result of 1.66 billion euros which fell short of the 1.7 billion expected by analysts. The 2024 guidance is close to consensus and should reassure investors, JP Morgan said in a note. Evonik, a market leader in the production of amino acids used in poultry feeds, said on Monday it would sell its superabsorbents business to the International Chemical Investors Group (ICIG) for a price in the low triple-digit million-euro range.

The Essen-based company also said it would buy back shares worth up to 113.8 million euros including transaction costs. The group will propose an annual dividend of 1.17 euros per share, unchanged from the last year. Its 2023 sales fell 17% to 15.3 billion euros. Sales at its performance materials division, which accounted for around 13% of the total, fell by 22% to 2.55 billion euros after the company sold a production site in Luelsdorf in June.

https://www.reuters.com/business/evonik-says-recovery-unlikely-2024-plans-2000-job-cuts-2024-03-04/

March 4, 2024

Huntsman Introduces New Icynene Range of SPF Insulation

The Woodlands, Texas – Huntsman Building Solutions has launched a new line of spray polyurethane foam insulation under the Icynene brand. Customers will, the company said, also benefit from a robust service and support package.

There are six products in the range, covering both open-cell and closed-cell products. The two closed-cell SPFs are Icynene HFO 200, which gives an aged thermal resistance of 7.4/inch, and HFO Max, which combines the same R-value with a maximum 6.5” lift per pass.

On the open-cell side, Icynene OC No-Mix can be used in walls, ceilings, floors and attics, with an R-value of 3.9/inch, or 3.7/inch at 4 inches or greater. Ultra 50 has an R-value of 3.81/inch, and High-R 80 has a 0.75-pound density and air barrier properties, with an R-value of 4/inch. And Classic 45, with an R-value of 3.7/inch, can be installed in attics, crawl spaces and interior spaces with no ignition barrier.

“The Icynene range is undoubtedly one of our most notable launches to date,” said Doug Brady, chief strategy officer at HBS. “As our highest tier offering, these products speak to the long-term quality and reputation of the Icynene brand. We are pleased to offer them paired with an elevated service package to our valued customers.”

https://www.utech-polyurethane.com/news/huntsman-introduces-new-icynene-range-spf-insulation

March 3, 2024

Univar Acquires Valley Solvents

Univar Solutions Acquires Valley Solvents & Chemicals, Expanding North America Distribution Network and Market Expertise in Energy, Industrial, and Environmental Services

Univar Solutions LLC Logo

News provided by Univar Solutions LLC

01 Mar, 2024, 12:00 ET


Acquisition strengthens the Company’s local chemical distribution and custom blending capabilities and waste management services in the growing Texas, Gulf Coast, and northern Mexico regions

DOWNERS GROVE, Ill., March 1, 2024 /PRNewswire/ — Univar Solutions LLC (“Univar Solutions” or the “Company”), a leading global solutions provider to users of specialty ingredients and chemicals, today announced the acquisition of Valley Solvents & Chemicals Company and certain of its affiliates (“Valley Solvents”), a long-time distributor of solvents and inorganics and provider of waste management services in the Texas and Gulf Coast region. The acquisition expands the Company’s local chemical distribution network and valued-added services across its Chemical Distribution division, while strengthening environmental services capabilities for its ChemCare business under its Services division.

Univar Solutions Acquires Valley Solvents & Chemicals, Expanding North America Distribution Network

“We are committed to increasing our solvents and inorganics footprint to help our suppliers and customers grow their businesses,” said president and chief executive officer David Jukes.
“We are committed to increasing our solvents and inorganics footprint to help our suppliers and customers grow their businesses,” said president and chief executive officer David Jukes.
“I am so proud of the business our team has helped build over many decades, and we are excited to have found a partner in Univar Solutions that shares many of our values and aspirations. Becoming part of the largest chemical distributor in the United States is an exciting moment for the company and helps ensure continued success and innovation for our customers, suppliers, and employees,” said Bill Davis, president of Valley Solvents.
“I am so proud of the business our team has helped build over many decades, and we are excited to have found a partner in Univar Solutions that shares many of our values and aspirations. Becoming part of the largest chemical distributor in the United States is an exciting moment for the company and helps ensure continued success and innovation for our customers, suppliers, and employees,” said Bill Davis, president of Valley Solvents.

Valley Solvents is a key regional chemical distributor that has served the Texas and Gulf Coast region for over 72 years with a full range of chemical products and services, from delivery to disposal. Valley Solvents services more than 1,000 customers with an extensive bulk and packaged product portfolio, custom blending, waste management, and a specialty support focus in northern Mexico.

“We are committed to increasing our solvents and inorganics footprint to help our suppliers and customers grow their businesses,” said president and chief executive officer David Jukes. “The acquisition of Valley Solvents allows us to strengthen our North America Chemical Distribution division and enhance our environmental services capabilities in a growing market. With the integration of Valley Solvents’ operations, we believe we are well positioned to capitalize on opportunities with their strong local packaged business as well as in Energy and Industrial markets that have proven resilient throughout market cycles.”

Jim Holcomb, divisional president of Chemical Distribution for Univar Solutions, added: “The Valley Solvents’ team brings new customers and deep market expertise to the Univar Solutions platform. I’m excited to find new ways to bring greater individualized support and value-added products, such as custom solvent blending, to our customers in an increasingly critical area of North America.”

“Valley Solvents’ waste management services are a natural fit with our existing environmental programs and services offered through our ChemCare business, which support customers’ ability to achieve their sustainability objectives,” said Nick Alexos, chief financial officer and divisional president of Services for Univar Solutions. “Our focus on customer needs is an important part of our longstanding Growing Together strategy to be easy to do business with, as well as to optimize customer relationships and service.”

“I am so proud of the business our team has helped build over many decades, and we are excited to have found a partner in Univar Solutions that shares many of our values and aspirations. Becoming part of the largest chemical distributor in the United States is an exciting moment for the company and helps ensure continued success and innovation for our customers, suppliers, and employees,” said Bill Davis, president of Valley Solvents. “I am thrilled our legacy of service excellence, quality, and teamwork will continue to be part of Univar Solutions’ future.”

About Univar Solutions
Univar Solutions is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.

About Valley Solvents
Valley Solvents is a highly regarded regional chemical distributor headquartered in South Texas. Since 1952, the family-owned company has distributed an extensive portfolio of industrial solvents and chemicals, and provided waste management and other services responsibly, safely, securely, and on time to more than 1,000 customers across Texas, Oklahoma, Louisiana, and northern Mexico. Learn more about www.valleysolvents.com.

https://www.prnewswire.com/news-releases/univar-solutions-acquires-valley-solvents–chemicals-expanding-north-america-distribution-network-and-market-expertise-in-energy-industrial-and-environmental-services-302077352.html