Tempur Sealy Settles Danish Tax Dispute - Quick Facts

(RTTNews) - Tempur Sealy International, Inc. (TPX) announced it has executed an agreement between the company, the U.S. Internal Revenue Service and the Danish Tax Authority, or SKAT, with respect to income tax assessments from the Danish Tax Authority for the disputed tax years 2001 to 2011. The company said the resolution is consistent with its tax liability disclosed in previously filed financial statements, which is significantly less than the amounts originally assessed by SKAT. The company said the settlement will not have a material impact on its financial position or liquidity. The company's go forward effective tax rate is not expected to be materially impacted by the agreement.

Tempur Sealy said it is in the process of entering into negotiations with the U.S. Internal Revenue Service and SKAT to reach a mutual agreement with respect to the appropriate royalty rates for years after 2011. The company said the outcome of these discussions is not expected to have a material impact on its results of operations, liquidity or financial position.