Tampa-based Spring Air Mattress is opening a $30 million manufacturing plant in Oklahoma, creating 300 jobs in the midst of the sluggish economy.
Steve Cumbow, Spring Air's acting chief executive, said the company was seeking a centralized site to readily distribute its mattresses coast to coast.
Lured by an incentive package that includes relocation costs and training, Spring Air settled on a shuttered, 351,000-square-foot facility in an industrial park in Durant, Okla. The plant, which will be the largest of Spring Air's nine locations, is slated to open by this summer.
Cumbow said the mattress industry hasn't been spared from the recession, but Spring Air thinks it has found its niche offering a high-quality inner-spring mattress in an affordable price range: $300 to $999.
"Consumers really want value for their money. They don't want to spend as much for a mattress as they did a year ago," Cumbow said. He estimated revenue will grow to $220 million this year, up from $200 million in 2008.
Spring Air has 650 employees, including about 100 at its Tampa plant and headquarters.
The company has 83-year-old roots in a network of bedding company licensees nationwide, including Consolidated Bedding in Tampa. In 2007, 13 of the licensees pooled together and bought the majority of the franchisees. The company subsequently relocated its headquarters from Chicago to Tampa.
Jeff Harrington can be reached at [email protected] or (727) 893-8242.