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Foamex News/Financial Results

 

FOAMEX INTERNATIONAL INC. APPOINTS KURT W. WERTH AS EXECUTIVE VICE PRESIDENT, CARPET CUSHION GROUP

Philip G. Allen, Former Group Head, to Retire

LINWOOD, PENNSYLVANIA, March 22, 2000 - Foamex International Inc. (Nasdaq: FMXI), the leading manufacturer of flexible polyurethane and advanced polymer foam products, announced today the appointment of Kurt W. Werth, 42, as Executive Vice President, Carpet Cushion Group. The announcement was made by John G. Johnson, Jr., President and Chief Executive Officer of Foamex.

The Carpet Cushion Group is one of Foamex's four major business operations and represents more than 20% of the company's total sales. In his capacity as group head, Mr. Werth will also serve on the Foamex Operating Committee. 

Mr. Werth joins Foamex from his former position as Vice President, Sales and Service for the Canadian operations of Safety Kleen, an environmental services company. He joined Safety Kleen in 1987, and during his tenure there distinguished himself in a number of sales, planning and financial positions. As Vice President, Planning and Evaluation, he directed an aggressive acquisition program for Safety-Kleen, consolidating eighteen operations into existing businesses in North America and Europe. In the two years under his direction, Safety-Kleen's Canadian branch operations improved from an operating loss to annual operating profits of more than $8 million.

"Kurt is a seasoned industry executive, with an outstanding combination of financial, sales and leadership skills," Mr. Johnson said. "He has a demonstrated ability to grow sales, control costs and turn around mature commodity businesses, and we are delighted to have Kurt on the Foamex team."

Mr. Werth succeeds Philip G. Allen, who has led Foamex's Carpet Cushion Group since 1993. Mr. Allen, who joined Foamex in 1967, has announced his retirement, but has agreed to stay on in a transition capacity until the end of May.

"We are grateful for Phil's dedication and commitment to Foamex over his 33 years with the company," Mr. Johnson said, "and we appreciate his willingness to stay on to ensure a smooth management transition for our Carpet Cushion Group."

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 1999 were $1.3 billion. 

This press release contains forward-looking information, and actual results may vary materially from those expressed or implied herein. Factors that could affect these results include those mentioned in the Company's 10-K and 10-Qs filed with the Securities and Exchange Commission.



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