LINWOOD, Pa.–Foamex International and Sleep Innovations have resolved the litigation pending between the two companies regarding payment over supplies from Foamex to Sleep Innovations.
Terms of the settlement were kept confidential by the two companies, except that Sleep Innovations agreed to pay Foamex $12 million for the goods. In addition, the two firms agreed to dismiss “with prejudice” their respective claims, and terminated the supply agreement, effective Aug. 6.
Both Foamex’s president and chief executive officer, Jack Johnson, and Sleep Innovations’ president and CEO, Joseph Lynch, said the settlement would allow the two companies to concentrate on servicing their customers.