September 25, 2016 12:36 PM ET

Household Durables

Company Overview of Hickory Springs Manufacturing Company

Company Overview

Hickory Springs Manufacturing Company manufactures and supplies components and integrated solutions to transportation, furniture, bedding, and other markets globally. It provides converting, fiber, foam, metal, wire, and integrated solutions. The company offers various bedding solutions, including adjustable bed bases, bed rails and frames, bedding foams, bedding supplies, fiber products, innersprings, mattresses, and microcoils; furniture solutions, such as bedding supply components, fiber products, foam products, furniture springs, motion mechanisms, and sleeper mechanisms; and transportation solutions, including school bus seating, commercial and recreational seating, and recreational veh...

235 Second Avenue NW

Hickory, NC 28601

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 2016.

Hickory Springs Manufacturing Company Key Developments

Miller Law LLC Announces Settlement of $151,250,000 for Purchasers of Certain Products Containing Polyurethane Foam

Miller Law LLC announced a settlement of $151,250,000 for purchasers of certain products containing polyurethane foam. A lawsuit known as In re Polyurethane Foam Antitrust Litigation, Case No. 10-MD-2196, is pending in the United States District Court for the Northern District of Ohio in Toledo. The Settlements have now been reached with the following Defendants: Carpenter Co., FFP Holdings LLC, Future Foam, Inc., FXI Holdings, Inc., Hickory Springs Manufacturing Company, Leggett & Platt, Incorporated, Mohawk Industries, Inc., Vitafoam (Vitafoam Products Canada Limited, and Vitafoam, Inc.), and Woodbridge (Woodbridge Foam Corporation, Woodbridge Sales & Engineering, Inc., and Woodbridge Foam Fabricating, Inc.). Together, these additional settling Defendants will be paying a total of $151,250,000 into the Settlement Fund. Several individuals and businesses brought claims on behalf of a Class of end-user 'indirect' purchasers of products that contain flexible polyurethane foam manufactured or supplied by the Defendants. These products include bedding (for example, mattresses, mattress toppers, or pillows), carpet underlay (also called carpet padding or carpet cushion), and upholstered furniture (for example, a sofa with foam cushions). Plaintiffs claim Defendants engaged in a conspiracy to: increase prices of flexible polyurethane foam and not compete for, or 'allocate,' customers. Plaintiffs contend Defendants violated numerous States' antitrust and consumer protection laws. Defendants deny these claims and deny they are liable to Plaintiffs in any way. Defendants in the nine Settlements will pay a total of $151,250,000. If the Plan of Allocation is approved by the Court, payments will be made to each Claimant from each Settlement pro rata based on the number of valid claims filed and the amounts paid for qualifying products. The Settlement Fund may also be used to pay for the cost to administer the Settlements, attorneys' fees, costs, and expenses, and awards to Class Representative Plaintiffs. Plaintiffs' counsel will request attorneys' fees not to exceed 30% of $151,250,000, plus reimbursement of costs and expenses. The Court will hold a hearing to decide whether to approve the nine proposed Settlements. The hearing will be on DECEMBER 15, 2015, at 10:00 a.m. at the Ashley U.S. Courthouse, 1716 Spielbusch Avenue, Toledo, Ohio 43604. The Court may change the date, time, or location of the hearing.

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 30, 2016
Hickory Springs Manufacturing Company, 185,000 Square-Foot Foam Pouring and Fabrication Plant
Merger/Acquisition
March 28, 2016
Hickory Springs Manufacturing Company, Foam Production Assets
 

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