Bill Creekmuir Simmons Company
(770) 673-2625
bcreekmuir@simmons.com
Christine Foster Three PR
(404) 835-4524
cfoster@3atlanta.com
(ATLANTA and SEATTLE – July 3, 2007) – Simmons Bedding Company, a subsidiary of Simmons Company, has completed its previously announced acquisition of the Comfor-Pedic® line of memory foam mattresses and accessories from Comfor Products, Inc.
Comfor Products CEO Scott Smalling has been named president of Simmons’ specialty products division, reporting to Simmons Executive Vice President of Sales Steve Fendrich. Comfor Products President Jack Squires and Executive Vice President Butch Webster have assumed the roles of executive vice president and vice president of business development, respectively, for the specialty sleep division.
“Consumer demand for specialty sleep products, especially foam, continues to grow, making it a viable category for us. The leadership team at Comfor Products will be instrumental in directing our efforts in memory foam and latex,” said Charlie Eitel, Simmons chairman and chief executive officer. “We look forward to going to market with the ComforPedic® by Simmons™ product line, which will represent the powerful combination of Comfor-Pedic’s advanced visco technology and Simmons’ world-class marketing and distribution resources.”
(more)
Simmons completes Comfor-Pedic acquisition/page 2
About Simmons Bedding Company
Atlanta-based Simmons Company, through its indirect subsidiary Simmons Bedding Company, is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products under brands including Beautyrest®, Beautyrest BlackTM, ComforPedic®, Natural CareTM, BackCare®, Beautyrest BeginningsTM, and Deep Sleep®. Simmons Bedding Company operates 21 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States, Canada and Puerto Rico. Simmons also serves as a key supplier of beds to many of the world’s leading hotel groups and resort properties. Simmons is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit the Company's website at www.simmons.com.
Comfor Products, Inc. was founded in 1946 as Industrial Rubber & Supply, Inc. In 2006, the company changed its name to Comfor Products to reflect its emphasis on the foam mattress product category. Drawing on Comfor Products’ more than 60 years of foam expertise in healthcare and aviation, Comfor-Pedic products utilize patented innovations that position the company at the forefront of the visco industry. Headquartered in Seattle, Comfor Products also operates manufacturing and back-office facilities in Portland, Oregon and High Point, North Carolina.
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This press release includes forward-looking statements that reflect our current views about future events and financial performance. Words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” and variations of such words or similar expressions that predict or indicate future events, results or trends, or that do not relate to historical matters, identify forward-looking statements. The forward-looking statements in this press release speak only as of the date of this call. These forward-looking statements are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations. These factors include, but are not limited to: (i) competitive pricing pressures in the bedding industry; (ii) legal and regulatory requirements; (iii) the success of our new products and the future costs to roll out such products; (iv) our relationships with and viability of our major suppliers; (v) fluctuations in our costs of raw materials; (vi) our relationship with significant customers and licensees; (vii) our ability to increase prices on our products and the effect of these price increases on our unit sales; (viii) an increase in our return rates and warranty claims; (ix) our labor relations; (x) departure of our key personnel; (xi) encroachments on our intellectual property; (xii) our product liability claims; (xiii) our level of indebtedness; (xiv) interest rate risks; (xv) compliance with covenants in our debt agreements; (xvi) our future acquisitions; (xvii) our ability to successfully integrate Simmons Canada into our operations; (xviii) our ability to achieve the expected benefits from any personnel realignments; and (xix) other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, either to reflect new developments or for any other
reason.