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Bedding products provider Tempur Sealy International (TPX) has selected Crawfordsville, Indiana, as the location for its third domestic foam pouring facility.
The new plant, spread over a 130 acres site, is expected to be Tempur’s largest manufacturing facility. The company expects construction to start in Q3.
The new plant will enable Tempur to serve its Northeast customers more effectively. In phase one, about 700 thousand square feet of capacity will be set up with the ability to double it over time. The company plans to begin production in 2023.
Tempur Sealy Chairman and CEO Scott Thompson said, “This facility underpins our commitment to expanding our global manufacturing footprint to fulfill the projected long-term demand trajectory for our industry-leading products and support our growth initiatives.”
Thompson added, “The facility will have the capabilities to manufacture a wide variety of bedding products and components for branded and non-branded operations, including Tempur-Pedic, Sealy, Stearns & Foster, and OEM mattresses.” (See Tempur Sealy stock analysis on TipRanks)
Furthermore, Tempur Sealy recently opened a plant in Texas and is planning to open its new Sherwood northeast plant and West Coast facility later this year.
On June 2, Raymond James analyst Bobby Griffin reiterated a Buy rating on the stock and a price target of $46 (18.1% upside potential).
Griffin commented, “Tempur Sealy continues to experience robust demand for both Tempur-Pedic and Sealy products. Longer-term, in our view, there continue to be a handful of positive fundamentals that position Tempur Sealy well to continue to post strong results and deliver favorable shareholder returns.”
Based on 6 Buys and 2 Holds, consensus among analysts is a Strong Buy. The Tempur Sealy average analyst price target of $47 implies 20.6% upside potential.
Shares have gained about 109.2% over the past year.
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