FOAMEX INTERNATIONAL TO
ACQUIRE ASSETS OF GENERAL FOAM CORPORATION
__________________________________________________________
LINWOOD, PENNSYLVANIA, July
9, 2001 - Foamex International Inc. (Nasdaq: FMXI), the leading
manufacturer of flexible polyurethane and advanced polymer foam products,
announced today that it had signed an agreement to acquire certain assets of
General Foam Corporation (GFC), a manufacturer of polyurethane foam products
for the automotive, industrial and home furnishings markets. GFC had
revenues of nearly $100 million last year.
"Foamex has grown historically
through acquisition," noted Foamex Chairman Marshall S. Cogan. "Strategic
acquisitions that have significant synergies with our existing businesses
continue to be an important component of our growth."
John Televantos, President and
Chief Executive Officer of Foamex, said, "The GFC transaction is consistent
with our acquisition strategy. General Foam is a quality manufacturer with a
strong reputation for customer service and a commitment to technology. This
acquisition strengthens our automotive, technical products and foam products
businesses and expands our product and service offerings to our customers."
The transaction, which is subject
to approval by Foamex’s lenders and certain other conditions, is expected to
close by the end of July 2001.
Foamex, headquartered in
Linwood, Pennsylvania, is the world’s leading producer of comfort cushioning
for bedding, furniture, carpet cushion and automotive markets. The company
also manufactures high-performance polymers for diverse applications in the
industrial, aerospace, electronics and computer industries as well as
filtration and acoustical applications for the home. Revenues for 2000 were
$1.3 billion. 
