From Home Furnishing Business
Foam Producers FXI and Innocor Announce Merger
2019 by Laurie Northington in Business Strategy, Industry
Polyurethane foam producers FXI and Innocor have announced the signing of a definitive merger agreement between the two companies.
The combined company will offer a complete array of solutions and serve customers across a broad range of end markets—including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. Financial terms of the transaction were not disclosed.
FXI is a leading provider of innovative foam solutions driven by consumer insights and state-of-the-art research and development. The company’s products are used in a variety of end markets including bedding, furniture, transportation, medical, filtration, acoustics, and industrial. The company has 16 manufacturing and distribution facilities with approximately 2,200 employees.
Innocor is a leader in consumer-driven polyurethane foam solutions for finished products in retail, ecommerce and direct-to-consumer segments as well as OEM innovative foam technologies for the sleep, furniture and RV segments. The company has 21 manufacturing and distribution facilities with approximately 1,800 employees.
"This partnership brings together two industry pioneers with complementary capabilities," said Harold J. Earley, president and CEO of FXI, who will lead the combined company. "We will be able to offer customers an unparalleled service experience through enhanced manufacturing and R&D capabilities—creating one of the broadest ranges of innovative, high-quality polyurethane foam products and solutions—and reduced delivery times by leveraging our expanded footprint."
"Innocor and FXI are already leaders in product development, customer satisfaction, efficient operating platforms, and in the growth opportunities we offer for employees," said Bill Redmond, president and CEO of Innocor, who will have a seat on the combined company's Board of Directors. "Together, we will continue to invest in bringing innovative new technologies to customers and consumers that deliver unrivaled comfort and quality across a broad range of products."