FXI announced that 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 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.