Foamex International Terminates Sale of GFI Carpet Cushion Business
On September 10, 2002 the Company announced that it had signed a letter of intent with Leggett & Platt under which Foamex was to sell GFI to Leggett & Platt. The two companies were unable to reach agreement on definitive terms for the transaction.
Marshall Cogan, Foamex's Chairman and Founder, said: "During the course of negotiations we came to the conclusion that the terms of the transaction were not in the best interest of Foamex's shareholders. We are committed to growing the profitability of our carpet cushion business and to providing customers with the high level of service and superior products they are accustomed to receiving from us."