Kentucky-based Tempur Sealy International Inc., a titan of the bedding products industry, is set to open their brand-spanking-new foam pouring manufacturing facility in Crawfordsville, Indiana. The $138 million investment is right on schedule to open doors sometime in 2023. The anticipation is building!
Way back in June 2021, the company first announced plans for this 700,000-square-foot facility. The groundbreaking took place just four months later, setting the project into motion. During their fourth-quarter earnings call, Tempur Sealy Chief Financial Officer Bhaskar Rao, shared some exciting updates. He confirmed a phased opening starting in Q2, with no specific date yet, so keep your eyes and ears open, folks!
According to Rao, the company is all set to guarantee a smooth start. He said, "In order to optimize production in this new facility, we will phase bringing the plant online to ensure the highest level of quality while we grow into the incremental capacity." Quality and growth - sounds like a dream, doesn't it?
The facility, which sprawls across a whopping 130 acres of land in Crawfordsville, will be home to the manufacturing of a variety of bedding products and components. If that wasn't enough, there's room to grow even more, up to a colossal 1 million square feet. So, this massive venture could get even more... massive!
CFO Bhaskar Rao also mentioned how the plant's location enhances Tempur Sealy's ability to cater to their East Coast customers. It's all about making sweet dreams come true, coast to coast.
When the project was first announced, CEO Scott Thompson said Crawfordsville was chosen because of the state’s “robust business climate” and the quality of life in the city. They also have plans to create about 300 jobs by the end of 2025, which means more opportunities for the local community to get involved in this dreamy venture.
Speaking of the community, the Indiana Economic Development Corp. stepped in and offered the company up to $3.6 million in incentives for the project, as well as an additional $450,000 to the local community for infrastructure improvements. It's clear everyone is all-in on this initiative.
On the financial front, Tempur Sealy reported a full-year net income of $456 million for 2022. Though it’s a 27% decrease from the previous year, Thompson pointed out that the company saw the second-best sales and adjusted net income in its history. As we roll into 2023, the company's outlook is optimistic.
We're thrilled to see what the opening of this new facility brings to both the local community and Tempur Sealy's clientele. After all, who doesn't love a good night's sleep? Keep an eye on this space for more updates on this dreamy development. Until next time, sleep tight!