Company News
July 24, 2024
Ted Frey Passing, a Founder of B&J Warehouse in PA
Brought to you by Vander Plaat Colonial Home
Tilghman Frey
Fair Lawn, New Jersey
November 25, 1937 – July 18, 2024
Tilghman Frey
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Tilghman Frey Obituary
Tilghman “Ted” Frey, Jr, age 86, of Fair Lawn, passed away on Thursday, July 18, 2024. Ted was born on November 25, 1937, in North Arlington, NJ, to Tilghman and Katherine Frey.
Ted proudly served his country in the United States Marine Corps. He cherished time spent with family and friends, soaking up the sun at the beach, watching his grandchildren’s sporting events and was an avid Giants fan.
Ted is survived by his beloved wife, Beverly Frey. Devoted father of Christopher Frey and Matthew Frey and his wife Leah. Stepfather of Danielle Maleta and Kristen Campanile. Loving grandfather of Hayden, Jaime, Hudson, Jack, Brooke, Dominic, and Madison. Also adored by his Yorkie, Sabrina, who he treasured.
Friends and family may visit with the family on Friday, July 26th, 2024 from 3:00-7:00 PM at Vander Plaat Colonial Home, 13-31 Saddle River Road, Fair Lawn.
Funeral mass to be held on Saturday, July 27th at 10:30am at St Anne’s RC Church, 15-05 Saint Anne Street Fair Lawn, NJ 07410. Cremation to be held private.
In lieu of flowers memorial donations may be made in Ted’s memory to Glioblastoma research. https://www.gbmresearch.org/
To send flowers to the family or plant a tree in memory of Tilghman, please visit our floral store.
https://www.tributearchive.com/obituaries/32407090/tilghman-%22ted%22-frey,-jr
July 18, 2024
Ashley Expanding
Ashley expanding furniture manufacturing in Mississippi
By Larry Adams
July 17, 2024 | 11:06 am CDT
Ashley’s Saltillo, Mississippi, factory is getting an upgrade.
JACKSON, Miss. — Ashley Furniture Industries, the largest manufacturer of home furnishings in the world, plans to expand operations in two of its existing locations in Lee County, Mississippi. The project represents a corporate investment of approximately $80 million in facilities and equipment and will create at least 500 new jobs.
This project will expand Ashley’s foam and mattress production in Verona through the purchase and renovation of a neighboring facility and the construction of a new facility. Additionally, Ashley plans to expand operations in Saltillo, currently the country’s largest mattress plant, with a substantial investment in equipment and operations. This project aims to enhance the company’s operational efficiencies to better serve Ashley’s customers in over 155 countries worldwide.
The Mississippi Development Authority is providing assistance through the Mississippi Flexible Tax Incentive, or MFLEX program, as well as assistance to upgrade fire safety systems. In addition, Lee County is assisting through a fee-in-lieu agreement.
The project is expected to be completed by the end of 2025.
“We are thrilled to announce the expansion of our Verona and Saltillo operations in Mississippi. This strategic investment reinforces our commitment to growth and allows us to better serve our customers. By expanding our capabilities in Mississippi, we are creating more job opportunities and strengthening our presence in the region,” said Todd Wanek, CEO and President, Ashley.
In 2020, Ashley Furniture expanded operations at the Verona and Saltillo locations. The expansions represented a combined corporate investment of $22 million and will create a total of 130 jobs across the two facilities, according to an announcement from the Mississippi Development Authority.
In Verona, Ashley’s investment of $13 million will include a building addition and new equipment to support its furniture and bedding locations across North Mississippi. The company will add 30 new jobs at the Verona facility.
In Saltillo, Ashley will be upgrading the facility and adding new equipment to support the expansion of its bedding products and mattresses. The company is investing $9 million and adding 100 jobs in Saltillo.
Ashley is an FDMC 300 company, ranking #1 on the list of the largest wood products manufacturers in North America.
July 15, 2024
CertiPUR-US® Executive Director, Michael Crowell, Announces Retirement
(ROCHESTER HILLS, Mich.) Michael Crowell, who has served as CertiPUR-US® executive director for the past ten years, has announced he will be retiring by the end of the year.
Under Crowell’s decade of leadership, CertiPUR-US foam certification program participation has expanded from 29 foam producers in five countries to more than 100 foam producers in 17 countries, now encompassing much of the foam supplied to the U.S. bedding and upholstered furniture markets. Crowell has played a key role in transforming the flexible polyurethane foam, bedding and furniture industries to make foam products used in the home safer and more sustainable. In May, Crowell was honored with the organization’s Outstanding Leadership Award.
“It’s been the highlight of my career in the foam industry to be involved with the CertiPUR-US program. It’s a win-win program,” says Crowell. “In setting rigorous standards for foam, we position the industry for continued growth while serving the public by providing a certification that ensures foams contribute to safer homes and better indoor air quality.”
Crowell’s distinguished career includes more than 40 years of senior management experience in the flexible polyurethane foam industry, spanning technical, manufacturing, sales and marketing positions. Before taking the helm at CertiPUR-US, he served as vice president of marketing and sales for Flexible Foam Products, responsible for government and industry product compliance, marketing and sales. He previously was vice president of automotive sales for Foamex International (now known as FXI).
Crowell holds an MBA with a focus in global management from Michigan State University and has served on both the CertiPUR-US program and the International Sleep Products Association board of directors. Crowell’s successor will be announced in August.
July 10, 2024
Olin Force Majeure
Olin Corporation Provides Update on Hurricane Beryl
Jul. 10, 2024 4:10 PM ETOlin Corporation (OLN)
CLAYTON, Mo., July 10, 2024 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced a temporary disruption of operations at its Freeport, Texas, facility as a result of Hurricane Beryl.
Olin has declared a system-wide Force Majeure for its Chlor Alkali Products & Vinyls division products and Aromatics shipments. This disruption is a result of hurricane-related damage to Olin facilities in Freeport, Texas, impacting Olin’s normal production and logistics capabilities including access to power, raw materials, and other essential feedstocks and services.
Olin facilities in Freeport are undergoing a comprehensive inspection and assessment, and a coordinated plan is being developed to ensure the safe and orderly return of these plants to service. The duration of this disruption is uncertain.
Olin’s number one priority remains the safety of our employees, their families, and the communities in which we operate.
July 8, 2024
Tempur Sealy Special Call Transcript
Tempur Sealy International, Inc. (TPX) Special Call Transcript
Jul. 08, 2024 9:10 AM ETTempur Sealy International, Inc. (TPX) Stock
Tempur Sealy International, Inc. (NYSE:TPX) Special Call July 8, 2024 8:00 AM ET
Company Participants
Aubrey Moore – Investor Relations
Scott Thompson – Chairman, President & Chief Executive Officer
Scott Thompson
Thank you, Aubrey. Good morning, everyone. And thank you for joining us on our call today. As we announced last week, the FTC has initiated litigation to challenge the combination of Tempur Sealy and Mattress Firm. We felt that sharing a bit more information would be beneficial, not just for investors, but also for our employees and Mattress Firm’s employees who drive the company’s successes. We’re working hard to properly and timely communicate a consistent message to all interested parties.
So, I’d like to take a moment to share some remarks on the current situation, but as I’m sure you’ll understand, as this acquisition is being challenged in court, the company’s commentary is limited. We’ve received some questions via email and we’ll address them as appropriate towards the end of the call. Additionally, we are in a quiet period regarding market conditions and earnings, so I’ll not be able to comment on those topics. We expect to report second-quarter earnings in the coming weeks.
Turning to the topic of the call today, we’ve been working constructively with the FTC to secure regulatory approval for this transaction for over a year. Since complying with the agency’s second request on November 17, 2023, we have voluntarily granted the FTC six extensions of time to complete its review. The FTC has a key role as a regulatory body, and we appreciate their extensive effort to understand the industry and the transaction. While we spent more time in FTC staff review than we planned, we felt it was appropriate given their important job. We are disappointed by the FTC’s position, but have always believed this transaction is consistent with the law, and in the current regulatory environment, we’re prepared for this step.
The bedding industry is highly competitive, offering consumers a diverse selection of products, brands, price points, and purchasing channels. Brick-and-mortar retailers and direct-to-consumer bedding brands sell millions of bedding products online each year. In fact, we believe e-commerce, which includes mattresses at all price points, is the fastest growing channel in our industry. Our own websites provide clear proof point of the ability to sell high-end bedding online. Additionally, there are thousands of brick-and-mortar stores across the United States where consumers can purchase bedding products, only a small fraction of which are operated by Mattress Firm. A quick Google Search or even driving down the street presents numerous bedding distribution options. We remain confident that our combination will unlock incremental benefits for all stakeholders.
In particular, we are confident that the combination will drive exceptional benefits to consumers. Mattress Firm’s strong retail presence complements Tempur Sealy’s manufacturing capability, which facilitates more targeted innovation, improves the customer experience, and ensures high quality, durable products. Additionally, we expect to achieve cost synergies by leveraging our global scale and vertically integrated infrastructure to drive efficiencies through logistics, product lifecycle management, manufacturing optimization, and sourcing initiatives. All of these factors allow us to further execute on Tempur Sealy’s mission to improve sleep of more people’s lives through sleep.
We manufacture 100% of our mattresses we sell domestically in the United States. Let me reread that for you. We manufacture 100% of our mattresses we sell domestically in the United States. Supporting thousands of jobs across 38 states and territories, we disagree with the FTC’s statement that the transaction may harm the U.S. workforce. We’ve had extensive discussions about this transaction with our labor unions representing our employees, and the majority of the unions submitted letters to support the transaction reflecting their belief that the transaction will benefit their members and not adversely impact workers of other bedding companies that they represent. None of the unions representing our employees have expressed opposition to the transaction.
Let me be clear from the start. We have planned for and publicly stated that we see Mattress Firm as a multi-branded bedding retailer. They’ve been a valued retail partner for more than 35 years, and we know one of their many strengths is their diverse offering, which includes leading brands and complementary private label products, providing a broad range of innovative consumer solutions. We are committed to maintaining a curated, comprehensive, and diversified product assortment that is core to their business success and inherent in the intrinsic value of Mattress Firm that we are paying over $4 billion to acquire. Keeping Mattress Firm in multi-brand retail is consistent with how we operate the multi-branded bedding retailers we have acquired in Europe.
In our prior retail acquisitions in the international market, both our brand and others have flourished. Further confirming our intention to run Mattress Firm consistent with its current multi-branded strategy, we also, underscoring the — excuse me, left startup. Furthermore confirming our intention to run Mattress Firm consistent with its current multi-branded strategy, and also underscoring the absence of any possible theory of competitive harm as part of this transaction, we have committed: one, to make a substantial divestiture of stores and supporting infrastructure to rapidly growing US mattress retailer; two, to maintain floor slots at Mattress Firm for third-party brands; and third, to take additional actions. Our slot commitment ensures a portion of the floor will be reserved for the best non-Tempur Sealy products in the market. We’ve successfully engaged with numerous Mattress Firm suppliers on post-merger supply agreements and have executed several, including one with a supplier who does not currently supply Mattress Firm. We’re confident in our pro-competitive rationale of this transaction and look forward to presenting the many benefits of the combination.
We believe that a successful litigation process can be completed in the coming months, which would allow us to close the transaction in late 2024 or early 2025. As I mentioned previously, relative to our original expectations, the timeline has elongated a bit as we worked constructively with the FTC. Lastly, [forward] (ph) to all the Tempur Sealy and Mattress Firm employees who every day provide customers with great products and services. Despite the elongated regulatory process, nothing has dissuaded us from wanting to come together and to continue to succeed. Thank you for your patience and ongoing support for the combination.
Now, let me touch on a couple of questions we’ve heard. What is the process from here? We’re still evaluating the lawsuit to better understand the next steps for our case. Hearing dates had not yet been set, but we expect these to proceed in the next few months.
What is the probability of success? We believe we have a very strong case based on the facts and law. How do you think about your litigation strategy? We’ll try the case in court, not in the public. So I’ll have to pass on all strategy-related questions and the array of what-if scenarios. Good news is, we expect the process to be relatively short to get to judgment. There are numerous questions about competitors’ financial viability with or without this transaction. All I can say is, we have no comment on competitors’ financial conditions.
What court and judge is assigned to the case? The case has been filed in the United States Southern District Court of Texas and assigned to Judge Charles Eskridge. What is plan B for the company if there’s no transaction with Mattress Firm? As we’ve said in the past, the company is deleveraging. And without the transaction, the company will have a low leverage ratio. Without this transaction, we expect to follow our historic process for allocating capital to maximize risk-adjusted returns, which I would expect would result in a material fair repurchase. This will be determined by Tempur Sealy’s Board of Directors.
That concludes our remarks at this time. Thank you for your interest in this transaction and support for the team and our Board of Directors. Operator, that ends the call today.
Operator
Thank you. This does conclude today’s Tempur Sealy International Business Update Call. Thank you for your participation. You may disconnect at any time.
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