FOAMEX SELECTS ONSITE COMPANIES AS
SOLE PROVIDER OF TEMPORARY LABOR
SERVICES TO REDUCE COSTS
__________________________________________________________
LINWOOD, PA and HANOVER, MD,
June 26, 2002 – Foamex International Inc. (NASDAQ: FMXI), the
leading manufacturer of flexible polyurethane foam products in North
America, and Onsite Companies, the largest privately held supplier of
commercial and technical staffing services in the world, today announced
that Foamex has awarded Onsite Companies a four-year contract to provide
comprehensive temporary staffing services.
Under the terms
of the contract, which becomes effective today, Onsite Companies will be the
exclusive provider of workforce management solutions for Foamex’s
manufacturing facilities. Foamex expects this move to reduce its costs by at
least $1 million annually. Onsite Companies will replace Foamex’s multiple
current suppliers of temporary labor. Foamex’s full-time manufacturing
workforce will not be affected.
Commenting on the
contract, Michael Carlini, Senior Vice President of Procurement & Logistics
of Foamex, said: “Foamex is pleased to be working with Onsite Companies. We
feel Onsite Companies has provided us with the best solution for Foamex’s
temporary staffing needs. Our agreement with Onsite Companies will help
Foamex achieve its Project Transformation goals of reducing costs while
improving performance.”
Todd Gardner,
Onsite Companies’ Director of Marketing,
said: “Onsite Companies is honored to be selected as Foamex's sole
supplier of temporary staffing services. We believe we will bring
significant cost savings and greater efficiency to Foamex's hiring process,
while improving the quality of service. Through Onsite Companies'
proprietary web-enabled staffing software, netCENTERsm, Foamex
will be able to request and track temporary workers; saving time and
streamlining the costs of contingent staffing services.”
About Foamex International Inc.
Foamex,
headquartered in Linwood, PA, 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, defense, electronics and computer
industries as well as filtration and acoustical applications for the home.
For more information visit the Foamex web site at
http://www.foamex.com.
About Onsite Companies.
Onsite Companies,
headquartered in Hanover, Md., with over 100 offices throughout the United
States and Canada is the leader in Commercial and Technical Staffing. As
part of the Allegis Group, Onsite Companies is the largest privately owned
staffing company in the world. Our professionally trained recruiters and
salespeople are dedicated to serving you in nearly every major industry. Our
field offices provide clients with highly skilled technical professionals
from high level consultants to supporting contract employees. The Fortune
1000 count on us to provide the people and services they need to continue
their success. For more information please visit
www.onsitecompanies.com.
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 27A of 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, those relating to completion of the
operational restructuring as currently contemplated and the currently
anticipated benefits of the restructuring, including those relating to the
work force reductions, cost savings and restructuring charges from Project
Transformation, the expected benefits of expanding the use of VPF
technology, the Company's ability to introduce new products, enhance sales
growth and margins and the outlook for the Company's financial performance.
These forward-looking statements are affected by risks, uncertainties and
assumptions that the Company makes about, among other things, its ability to
implement customer selling price increases in response to higher raw
material costs, raw material price increases, general economic conditions,
conditions in the capital markets, the interest rate environment, the level
of automotive production, carpet production, furniture and bedding
production and housing starts, the completion of various
restructuring/consolidation plans, the achievement of management’s business
plans, its capital and debt structure (including various financial
covenants), litigation and changes in environmental legislation and
environmental conditions and other factors mentioned in the documents filed
by the Company with the Securities and Exchange Commission. While the
Company believes that its assumptions regarding the foregoing matters are
reasonable, any of the assumptions could be inaccurate, and therefore there
can be no assurance that the Company's forward-looking statements will prove
to be accurate. 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 is 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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