Tempur-Pedic is investing approximately $18 million to expand its global headquarters in Lexington as part of a growth plan that will create 65 new jobs over the next five years.
Since its inception in 1993, Tempur-Pedic has grown into a billion-dollar company that specializes in the research, development, manufacturing and distribution of mattresses, pillows and other sleep products that utilize its proprietary pressure-absorbing material originally developed by NASA.
The company is now planning to build a new 100,000-s.f. facility in the University of Kentucky Coldstream Research Campus. Construction is expected to begin this fall and be complete by the end of 2012. The new jobs will bring the company’s total employment in Lexington to more than 300. An economic impact study performed by the Cabinet for Economic Development indicates that the number of direct, indirect and induced jobs that will result from Tempur-Pedic’s existing and new employment is 772 jobs. Those jobs will provide an annual $72.8 million boost to Kentucky’s Gross Domestic Product.
“The Tempur-Pedic announcement demonstrates the power of our Lexington partnership to put together a compelling package that includes a premier location for an international headquarters at Coldstream,” said University of Kentucky President Lee T. Todd Jr. “It fulfills one of our goals of creating innovation at Coldstream where research and excellent companies like Tempur-Pedic International can come together to work on projects that add value to people’s lives.”