FOAMEX RECEIVES $18.4 MILLION IN CASH
FROM UNWINDING INTEREST RATE HEDGES

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LINWOOD, PENNSYLVANIA, September 19, 2002 – Foamex International Inc. (NASDAQ: FMXI), the leading manufacturer of flexible polyurethane and advanced polymer foam products, announced today that it has unwound interest rate swaps entered into on May 1, 2002 to hedge the Company's 10 3/4% Senior Secured Notes due April 1, 2009.   As a result of this action, net cash proceeds to Foamex were approximately $18.4 million after expenses.  The transaction will produce a deferred credit of approximately $14.8 million, which will be recognized over the remaining life of the Senior Secured Notes.

The interest rate swap transactions, with aggregate notional amounts of $300 million, had the effect of converting the 10 ¾% fixed rate on these senior secured notes to a floating rate reset twice per year.

Commenting on the transaction, Marshall Cogan, Foamex’s Chairman and Founder, said: “Interest rate trends have been favorable since we entered into these contracts in May, and they have increased significantly in value since that time.  Given current economic conditions, we felt it was prudent to monetize this value and return to our previous fixed-rate obligation, eliminating Foamex’s exposure to potential interest rate increases.  We will use the net proceeds to reduce debt and for general corporate purposes.”

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.

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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