Arsenal wasted little time adding to Elite Comfort Solutions. The first add-ons came 10 days later when the company finalized a deal to acquire a majority interest in Elite Foam and agreed to purchase the foam production assets—HSM Foam—of Hickory Springs Manufacturing Co.
The HSM Foam purchase is subject to customary closing conditions and is expected to be finalized by the end of April, the spokesman said.
One of the largest producers of flexible polyurethane foam in North America, HSM Foam provides hundreds of foam formulations for furniture, bedding, medical and packaging applications. The firm also fabricates products.
Its range of offerings includes Code*Redll combustion inhibitive foam; EnduroFoam, a premium performance foam; and Preserve, which the company said is the first bio-based polyurethane foam produced.
HSM Foam has plants in Conover; Fort Smith, Ark.; Verona, Miss.; Commerce, Calif.; and Americus, Ga., the spokesman said, and all will remain with the company.
It will continue to be a major producer of foam products for existing and new customers in the markets it serves, according to David Underdown, chairman of HSM Foam.
“This transaction will enable HSM to strengthen its leading market positions in transportation seating, foam fabrication, specialty spring, wire and metal products businesses,” he said.
Adding Elite Foam to the fold gives Elete Comfort Solutions a developer and manufacturer of specialty foam for the bedding and home furnishings industry.
The firm's portfolio of technologies includes high air flow and convective cooling of open cell foam through its CoolFlow brand and conductive cooling of foams through the company's ThermaGell brand, Arsenal said. It primarily uses polyurethane and specialty additives in its mattresses, the spokesman said, and it makes both specialty foam for bedding along with finished products for select customers.
Elite Foam has three plants, all in Newnan, Ga., that Arsenal plans to retain, the spokesman said.
Pete Wallace, the president of Elite Foam who will remain with the business, said he is excited about his company joining forces with Pacific Urethanes.
“This merger, along with the acquisition of HSM Foam, will ensure the essential manufacturing capabilities required to meet our customers' continuously growing and expanding business,” he said.
Looking at the new overall Elite Comfort Solutions operation, Zappala said that “recognizing the importance of regional presence, yet conformity of quality and real-time service, the combination of these businesses has immediately created a leading edge foam company with the scale and range of product technologies desired to support our growing customer needs anywhere in North America.”