Foamex International Acquires Foam Assets

LINWOOD, PENNSYLVANIA, July 9, 2001 - Foamex International Inc. (Nasdaq: FMXI), the leading manufacturer of flexible polyurethane and advanced polymer foam products, announced today that it had signed an agreement to acquire certain assets of General Foam Corporation (GFC), a manufacturer of polyurethane foam products for the automotive, industrial and home furnishings markets. GFC had revenues of nearly $100 million last year.

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

John Televantos, President and Chief Executive Officer of Foamex, said, "The GFC transaction is consistent with our acquisition strategy. 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 2001.

Foamex, headquartered in Linwood, Pennsylvania, is the world’s leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The company also manufactures high-performance polymers for diverse applications in the industrial, aerospace, electronics and computer industries as well as filtration and acoustical applications for the home. Revenues for 2000 were $1.3 billion.