LEHI, Utah - Purple Innovation, Inc. (NASDAQ: NASDAQ:PRPL), a company specializing in comfort technology, announced today a settlement with Tempur Sealy (NYSE:TPX) International, Inc. regarding their partnership with Mattress Firm Inc., pending FTC approval of Tempur Sealy's acquisition of the mattress retailer. The agreement includes a minimum twelve-month continuation of Purple's relationship with Mattress Firm, extending beyond the original two-month term.
The settlement also concludes the intellectual property disputes between Purple and Tempur Sealy. As part of the confidential agreement, Purple maintains control over its brand and patented technologies, including its signature Hyper-Elastic Polymer® gel material used in the GelFlex® Grid. CEO Rob DeMartini expressed satisfaction with the outcome, emphasizing the importance of Mattress Firm to Purple's business and the potential for expansion.
Purple Innovation, known for its "World's First No Pressure® Mattress," markets a range of comfort products, such as mattresses, pillows, and cushions, through various channels including direct-to-consumer, retail partners, and its own showrooms. The company highlights over 30 years of proprietary comfort technology development, underscoring its position in the industry.
The agreement between Purple and Tempur Sealy is seen as a positive step for Purple, reinforcing its innovation credentials and ownership of key technologies in the sleep product market. This information is based on a press release statement.
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