Sale of Foamex International results in new company, FXI
MEDIA, Pa. — A new company, FXI — Foamex Innovations — was formed this week with the acquisition of Foamex International Inc. by MatlinPatterson Global Opportunities Partners III L.P. and Black Diamond Capital Management, L.L.C., according to a release from the companies.
MatlinPatterson and Black Diamond completed the acquisition of the Foamex assets on June 12.
FXI will retain all current business lines as well as aggressively pursue new business opportunities, according to the release.
“The hallmark of our organization has always been our ability to look ahead, envision opportunity and imagine the solution that gets us there,” Jack Johnson, president and CEO of FXI, said in the release. “As we introduce FXI, we are better positioned than ever as a more nimble company poised for future growth.”
FXI produces foam products for the Home, Healthcare, Electronics, Industrial, Personal Care and Transportation markets.
“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.”
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