Tempur-Pedic to repurchase shares

The board of Lexington, Ky.–based bedding producer Tempur–Pedic has authorized a new share repurchase program of up to $200 million. Stock repurchases under the program may be made through open–market transactions, negotiated purchases or otherwise, at times and in such amounts as management and a board committee deem appropriate, the company said. “The new share repurchase program reflects our confidence in long–term growth opportunities and our commitment to increase shareholder value,” said Dale Williams, Tempur–Pedic chief financial officer. “With high returns on capital, we project operating cash flow will be far in excess of our modest capital needs over the next several years.”