"Foamex has grown historically through acquisition," noted Foamex Chairman Marshall C. Cogan. "Strategic acquisitions that have significant synergies with our existing businesses continue to be an important component of our growth."
"The GFC transaction is consistent with our acquisition strategy,” said John Televantos, Foamex president and CEO. “General Foam is a quality manufacturer with a strong reputation for customer service and a commitment to technology. This acquisition strengthens our automotive, technical products and foam products businesses and expands our product and service offerings to our customers."
The transaction, which is subject to approval by Foamex's lenders and certain other conditions, is expected to close by the end of July.