FOAMEX INTERNATIONAL ELECTS CEO THOMAS E. CHORMAN
TO BOARD OF DIRECTORS
_________________________________________________
LINWOOD, PA, December 10, 2002 –
The Board of Directors of Foamex International
Inc. (NASDAQ: FMXI), the leading manufacturer of flexible polyurethane and
advanced polymer foam products in North America, elected Thomas E. Chorman,
President and Chief Executive Officer of Foamex, to the board effective
immediately. Mr. Chorman’s election brings the number of Foamex directors
to eleven.
“I am excited to welcome Tom to the
Board of Directors,” said Marshall Cogan, Chairman and Founder of Foamex.
“Tom is a superb businessman. He has made great contributions to the
Company in his roles as CFO and now CEO, and his election to the Board will
be of enormous benefit to the Foamex Board and our shareholders.”
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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