Foamex Terminates GFI Cushion Deal

Linwood, PA, Oct. 4—Foamex International’s deal with Leggett & Platt for the sale of Foamex’s GFI carpet cushion business have been terminated., Linwood, PA, Oct. 4—Foamex International’s deal with Leggett & Platt for the sale of Foamex’s GFI carpet cushion business have been terminated. On September 10, Foamex signed a letter of intent to sell its GFI unit to Leggett & Platt. However, the two companies were unable to reach agreement on definitive terms for the transaction. “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,” said Foamex chairman and founder Marshall Cogan. Cogan also said the company remains committed to growing the profitability of its carpet cushion business and to providing customers with the level of service and products they have been accustomed to receiving.