LINWOOD, Pa. (Nov. 12)—Foamex International Inc.'s net income nearly doubled to $7.4 million during the third quarter, on sales that increased 5.4 percent to $326.4 million. Operating income increased 3.9 percent to $25.5 million during the quarter. The increases were primarily the result of the acquisition in late July of certain assets of General Foam Corp., which bolstered Foamex's Automotive Products and Technical Products units, the company said. "In addition, new product initiatives continue to run ahead of our aggressive plan to double sales of new products, to $60 million, in 2001," said CEO and President John Televantos. However, he said the company's outlook for the fourth quarter and early part of next year remains guarded, given challenging economic conditions. For the nine-month period, Foamex's sales dropped nearly two percent to $942.6 million, while net income increased 77 percent to $24 million.
Foamex third-quarter results up with addition of General Foam operations
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