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July 08, 2015 2:28 AM ET

Household Durables

Company Overview of Hickory Springs Manufacturing Company

Company Overview

Hickory Springs Manufacturing Company manufactures components and integrated solutions for furniture and bedding customers. The company provides integrated assemblies that include completed bus seats; foam formulations for furniture, bedding, medical, packaging, novelty, and market applications; metal components for frames and motion mechanisms, including incliners, recliners, rockers, and swivel bases; wire and spring solutions; fiber products, including low-melt, cotton batting, and filling materials; and upholstery components for seats cushions, backs, liners, webbing, and skirts. It serves transportation, healthcare, government/institutional, packaging, healthcare, and consumer markets w...

235 Second Avenue NW

P.O. Box 128

Hickory, NC 28603

United States

Founded in 1944

Phone:

828-328-2201

Fax:

828-328-2103

Key Executives for Hickory Springs Manufacturing Company

Vice President of International Marketing and Operations
Chief Marketing and Innovation Officer and Executive Vice President
Vice President of Foam and Environmental Technology
General Manager of Home Consumer Products Division
Director of Marketing and Research & Development
Compensation as of Fiscal Year 2015.

Hickory Springs Manufacturing Company Key Developments

Foam Makers to Pay $128.5 million to Settle More US Suits

Six polyurethane-foam makers have proposed paying up to $128.5 million to settle another batch of US lawsuits that accused them of fixing prices. The lead lawyer representing the customers that sued the foam companies did not immediately respond to a request for comment on June 23, 2015. The settlement agreements still need to be approved by the court. The dispute goes back to 2010, when customers accused the foam companies of fixing prices since at least 1 January 1999. The buyers alleged they had paid too much for foam. The latest settlement would cover the so-called indirect purchasers. These are customers who bought finished products made from the producers' foam. Under the proposed settlements, Carpenter would pay $63.5 million, and Hickory Springs Manufacturing would pay up to $10.25 million. Leggett & Platt would pay $26.5 million, while Mohawk would pay $16 million. Vitafoam would pay $2.75 million, and Woodbridge would pay $9.5 million. Earlier, the direct purchasers had reached a $275.5 million settlement with another group of foam makers. The direct purchasers bought the foam to make bed mattresses, furniture, carpet and other products that were ultimately sold to the indirect purchasers. Under the agreements, $16 million would be paid by FFP Holdings, formerly known as Flexible Foam Products. Future Foam agreed to pay $32 million, and FXI - Foam Innovations would pay $60 million. It is unclear if FFP Holdings, Future Foam or FXI - Foam Innovations are still involved in the indirect purchasers litigation. They may have reached settlements or obtained dismissals. None of the three companies immediately responded to requests for comment. Mohawk agreed to pay $98 million, while Woodbridge would pay $50 million. Hickory Springs agreed to pay $19.5 million. Other foam producers had reached settlements with the direct purchasers earlier in the litigation. Carpenter agreed to pay $108 million, while Leggett & Platt agreed to $39.8 million. Both companies denied that they fixed prices or did anything wrong. Vitafoam had agreed to pay up to $15 million. It also denied doing anything wrong. Polyurethane foams are made with polyols and isocyanates such as methyl di-p-phenylene isocyanate (MDI) and toluene di-isocyanate (TDI). The case is being litigated in US District Court, Northern Ohio District. The case number is 10-2196.

Hickory Springs Manufacturing to Invest $3 Million and Add 162 Jobs in Hickory, Conover

Hickory Springs Manufacturing plans to invest more than $3.3 million and add 162 jobs in Catawba County over the next three years. The expansion includes the launch of a Corporate Innovation and Research Center and Foam Technical Center for developing new products for new and existing markets. The new positions will be at the company's facilities in Hickory and Conover. Salaries will vary by job function, averaging $43,179 per year, plus benefits. That's higher than the $36,223 average annual wage in Catawba County.

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