Foamex Appoints Acting Chief Financial Officer

20 December 2000

Foamex Appoints Acting Chief Financial Officer

    LINWOOD, Pa.--Dec. 20, 2000--Foamex International Inc. , announced today the appointment of Carl E. Kraus as Interim Chief Financial Officer on a consulting basis.
    The announcement was made by John G. Johnson, Jr., President and Chief Executive Officer of Foamex.
    Mr. Kraus has more than thirty years of diverse financial, investment and operating experience, most recently as Chief Financial Officer of Philips International Realty Corporation. Philips is a NYSE-listed real estate investment trust based in New York City.
    Mr. Kraus began his career with PricewaterhouseCoopers in Philadelphia in 1969 and moved on to become Vice President and Chief Financial Officer of FDI Financial Corporation in Wilmington, Delaware. He joined Radnor Corporation as Controller in 1976, progressing to CFO in 1981 and then President of this $1.3 billion real estate development subsidiary of Sun Company in 1983. In 1992, Mr. Kraus was recruited as Managing Director of The Brandywine Group, and in 1997 he joined Hearthstone Advisors as Senior Vice President of its Northeast Region. He joined Philips in 1999. In October 2000, Philips shareholders approved an asset liquidation plan that is expected to result in an approximate 20% premium to shareholders.
    Commenting on Mr. Kraus' appointment, Johnson said, "We are pleased that Carl has agreed to provide financial guidance for our company until the permanent CFO comes on board. His extensive accounting, financial reporting and SEC experience will be invaluable to us as we approach the end of our fiscal year and begin our annual financial reporting process.
    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 1999 were $1.3 billion.
    For more information visit the Foamex web site at http://www.foamex.com.