The two companies have highly complementary products, brands, technologies, and geographic footprints. Their combination will provide significant opportunity for both entities to leverage each other's capabilities to grow beyond their current footprints, and to increase efficiencies across the entire supply chain. Tempur-Pedic will acquire all of the outstanding common stock of Sealy for USD 2.20 per share. The combination brings together two complementary companies with iconic brands and will create significant opportunities for global innovation and growth. Founded in 1992, Tempur-Pedic is a manufacturer, marketer and distributor of premium mattresses and pillows made from its proprietary pressure-relieving material in over 80 countries under the Tempur and Tempur-Pedic brand names. Sealy, dating back to 1881 is a leader in the manufacturing and marketing of a broad range of high quality mattresses and foundations with a portfolio of well-known bedding brands. Tempur-Pedic Chief Executive Officer Mark Sarvary commented, "This is a transformational deal that brings together two great companies, each with globally recognised brands. Tempur-Pedic and Sealy together will have products for almost every consumer preference and price point, distribution through all key channels, in-house expertise on most key bedding technologies, and a world-class research and development team. In addition, our global footprint will span over 80 countries." Tempur-Pedic and Sealy will operate independently. Larry Rogers, Chief Executive Officer of Sealy, who has been with Sealy for 33 years, will remain CEO of Sealy and report to Sarvary.