Tempur Sealy To Buy Sealy Brand Rights In Japan

(RTTNews) - Tempur Sealy International, Inc. (TPX) said Tuesday that it has agreed to buy the Sealy brand rights in Japan and certain assets from its former licensee.

Financial terms of the deal were not disclosed.

The company anticipates closing the deal during its fiscal third quarter of 2014.

As part of the deal, certain functions of the former licensee, including sales and marketing, will be integrated into the Company's Japanese subsidiary. In addition, the companies have executed a supply agreement, whereby the former licensee will become a contract manufacturer for certain Sealy branded products in Japan.