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June 16, 2009 -
For many years FOAMEX
International has been a leader
and a key supplier of foams to
the mattress/bedding industry.
Therefore the mattress industry
took notice of the fact that on
June 15th. a new company,
FXI - Foamex Innovations,
was formed …. resulting from the
acquisition of Foamex
International Inc. by
MatlinPatterson Global
Opportunities Partners III L.P.
and Black Diamond Capital
Management, L.L.C.
MatlinPatterson and Black
Diamond completed the
acquisition of substantially all
of the Foamex assets on June 12,
2009.
A privately-held company, FXI
will retain all current business
lines and continue to lead the
foam industry with innovative
foam applications for its
customers in a diverse
marketplace – from the aerospace
industry to office equipment and
especially to
environmentally-friendly home
furnishings. In addition, the
Company expects to aggressively
pursue new business
opportunities and to benefit
from the financial and business
expertise of its new owners.
“The hallmark of our
organization has always been our
ability to look ahead, envision
opportunity and imagine the
solution that gets us there,”
said Jack Johnson, president and
CEO of FXI. “As we introduce FXI,
we are better positioned than
ever as a more nimble company
poised for future growth.”
“As a privately-held company,
FXI will be more agile and more
responsive to our customers’
needs,” Johnson said. “We are
now operating with a very strong
and stable financial position,
which includes virtually no debt
and a significant amount of
cash. This position, combined
with the entrepreneurial spirit
that has always been at the
heart of our Company, will
enable us to move our business,
our customers and the industry
forward.”
“We have a top-notch team of
scientists, a significant number
of patents to our credit and
advanced labs that set the foam
industry standard,” Johnson
added. “We’ve established one of
the most efficient manufacturing
and distribution networks in our
industry and have invented or
perfected many of the
technologies used in foam today.
We have the expertise,
technology and capacity to
respond to our customers’ needs
and expand the applications of
foam into new arenas.”
Johnson commented that the range
and depth of products and
services to customers will
continue. “In fact, our new
structure will enable us to
better capitalize on the
strengths of our people, the
technological advantages we
bring to the market, and the
delivery of our products even
more efficiently.”
“I would like to thank
MatlinPatterson and Black
Diamond for their help and
commitment to creating FXI,”
said Johnson. “In addition, I
would like to express our
appreciation to our customers,
employees and vendors for their
support and loyalty. We look
forward to the opportunities
ahead.”
About FXI
FXI is a leading producer of
innovative foam products for the
Home, Healthcare, Electronics,
Industrial, Personal Care and
Transportation markets. Products
include finished goods,
sub-assemblies, services and raw
materials for OEMs, fabricators
and retailers. FXI innovations
and products provide comfort for
automobile passengers and
protect fragile electronic
components in shipment. Our
products help consumers sleep
sounder and furniture
manufacturers create comfort.
Our products provide for sharper
images in digital printers and
copiers and help consumers keep
their homes clean. Our products
provide critical components for
filters, dispensers, gaskets and
seals in everything from blood
oxygenators to computer disk
drives.
The company is
headquartered in Media, Pa. For
more information, please visit
www.fxi.com.
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