Some King-sized mattress news hit the wire to wrap up the month of April as bedding manufacturer Corsicana Mattress Company announced that it had acquired rival bedding brand Symbol Mattress in a deal first reported on by Furniture Today.
Details of the acquisition were not disclosed by the privately-held brands, both of which are among the top-10 bedding makers. However, the newly combined company will represent an estimated $450 million in annual sales, they’ll operate 16 manufacturing facilities, and they’ll have a total workforce of more than 1,300 employees.
Corsicana CEO Mike Thompson will head up the newly-combined company.
“We are aggressively pursuing our house of brands strategy and Symbol, with its robust product offering and extensive distribution presence will immediately have an accretive impact on our business,” Thompson said, via Furniture Today. “Moreover, the combination of our companies further solidifies our leadership position serving independent bedding retailers with the mattresses most sought after by American consumers, namely those priced under $1,000.
“Symbol Mattress is a talented team of exceptional leaders with a demonstrated track record of profitable growth. Along with our combined manufacturing infrastructure and operating capabilities we will accelerate our transformation initiatives.”
Rob is the corporate communications manager for Nationwide Marketing Group.