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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. |