With a new name, ownership and a host of new products, FXI Foamex Innovations is “really a new company,” said Alvaro Vaselli, senior vice president of foam products business management for the Media, Pa.–based company.
FXI, then called Foamex International, declared bankruptcy in February 2009. It emerged later in the year under the ownership of two equity groups, MatlinPatterson Global Opportunities Partners and Black Diamond Capital Management.
“We’ve been in a cost–cutting mode for a long time. In 2009, we right–sized our cost structure and consolidated plants,” Vaselli said. “Now we have zero debt. We’ve always had good products, but in the past we’ve carried debt. Being rid of that allows us to focus on what we’re good at: innovation.”
Currently, the company is putting its efforts in research and development and sales and expects to hire nearly 20 additional people this year, Vaselli said.
FXI expanded its presence at ISPA EXPO 2010 in Charlotte, N.C., and rolled out an array of new products, including Aerus, a line of patent–pending, open–cell memory foams, and Activus “a high–energy foam” with increased resiliency. The company also offered Altus, a soft, lightweight polyurethane good for use in quilting.
As part of its goal of being “a solutions company,” FXI showed several concept beds at EXPO to give mattress manufacturers ideas about construction options.