Simmons Bedding Company Completes Acquisition of Simmons Canada

Furniture World News

Simmons Bedding Company, a subsidiary of Simmons Company and a leading manufacturer of premium-branded bedding products in the United States, has completed its previously announced acquisition of Simmons Canada Inc. from SCI Income Trust. Simmons Bedding Company paid C$16.25 per SCI unit, or C$136.8 million in aggregate, which will be distributed to SCI unitholders. The transaction was approved at a special meeting of SCI unitholders on November 14, 2006. Simmons Company also announced that Simmons Canada’s President and Chief Executive Officer, Terry Pace, is retiring effective today. Mr. Pace is leaving Simmons Canada after more than twenty years of service. “We are extremely appreciative of the contributions Terry has made to Simmons’ North American presence and we wish him the best that retirement has to offer,” said Charlie Eitel, Chairman and Chief Executive Officer of Simmons Company. About Simmons Bedding Company Atlanta-based Simmons Bedding Company, a subsidiary of Simmons Company, is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest®, BackCare®, Beautyrest Black™, Natural Care™ Latex, BackCare Kids® and Deep Sleep®. It operates 17 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States and Puerto Rico. Simmons Bedding Company 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. About Simmons Canada Inc. Simmons Canada Inc., an operating company wholly owned by Simmons Bedding Company, is a leading manufacturer of mattresses and foundations in Canada. The company manufactures five nationally-known brand names of mattresses, Beautyrest® (now featuring Evolution the Non-Flip Pocket Coil®), BackCare®, Beautysleep®, Dreamscapes and sang™ as well as manufacturing and distributing the Obus Forme line of mattresses and foundations under license. Simmons Canada also contracts the manufacture of Hide-A-Bed® convertible sofas and other upholstery products and high quality furniture. Simmons Canada services its customers from factories in Vancouver, Calgary, Toronto and Montreal. For more information, visit Simmons Canada's website at http://www.simmonscanada.com.