FOAMEX ANNOUNCES SALE OF ITS
STAND-ALONE CARPET CUSHION FACILITIES
Company Realizes Net Cash Proceeds of Approximately $10 Million
LINWOOD, PA, September 26, 2007 – Foamex International Inc. (OTC: FMXL), a leading manufacturer of flexible polyurethane and advanced polymer foam products, today announced the sale of its stand-alone carpet cushion facilities to Future Foam, Inc. for net proceeds of approximately $10 million. The carpet cushion facilities are located in Fairless Hills, PA, Dallas, TX and Orlando, FL. Foamex intends to use the proceeds to either reinvest in its business or to pay down debt.
Foamex will continue to offer prime polyurethane and rebond carpet cushion and flooring underlay products through its remaining carpet cushion facilities, which are integral components at a number of its foam production facilities in the Midwest and Western United States.
Commenting on the transaction, Jack Johnson, President and Chief Executive Officer of Foamex, said: “Today’s announcement reflects our continuing effort to strengthen Foamex. The stand-alone carpet cushion facilities are non-core components of our overall portfolio and the sale of these facilities provides better value to our stockholders. We remain committed to the carpet cushion business and will continue to manufacture products for the carpet cushion and flooring underlay market. The remaining capacity can consume all the scrap foam we produce in our other foam operations.”
About Foamex International Inc.
Foamex, headquartered in Linwood, PA, is the world's leading producer of polyurethane foam-based solutions and specialty comfort products. The Company services the bedding, furniture, carpet cushion and automotive markets and also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. For more information visit the Foamex web site at http://www.foamex.com.
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Forward-Looking Statements
This press release contains, and oral statements made from time to time by representatives of the Company may contain forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, future operating results, operating efficiencies, future market prices and margins, future energy costs, future government and legislative action, future cost savings, future benefit costs, the Company’s liquidity and ability to finance its operations, and other statements that are not historical facts that involve certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Additional information that could cause actual results to vary materially from the results anticipated may be found in the Company’s most recent Form 10-K and other reports filed with the Securities and Exchange Commission. Readers should be aware that any forward-looking statement made in this press release or elsewhere by the Company speaks only as of the date on which it was made, and the Company disclaims any obligation or intent to update any of the factors listed above or forward-looking statements.
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