Foamex buys part of GFC

Marvin Lazaro, July 16, 2001

Foamex International Inc., a manufacturer of flexible polyurethane and polymer foam products, announced an agreement to acquire certain aspects of General Foam Corporation (GFC).

"Foamex has grown historically through acquisitions," said Marshall Cogan, chairman, Foamex. "Strategic acquisitions that have significant synergies with our existing businesses continue to be an important component of our growth."

Included in the deal with the Paramus, NJ-based GFC are plant equipment and machinery, trucks and trailers and intellectual property such as patents, trademarks and customer lists. Buildings and real estate are not part of the agreement, however.

In the home textiles arena, Foamex manufactures bedding products in a range of densities, thicknesses and firmnesses, including pillows, quilting foam, mattress toppers and convoluted rolls as well as mattresses, furniture foam and its own line of casual furniture. Foamex also supplies its products for automotive interiors, technical products, home products and carpet cushioning.

GFC's customers are primarily from the automotive, industrial and home markets.

"The GFC transaction is consistent with our acquisition strategy," said John Televantos, president and ceo. "General Foam is a quality manufacturer with a strong reputation for customer service and a commitment to technology. "

The transaction must still be approved by Foamex's lenders. The deal is expected, however, to be completed by the end of the month.

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