Penad To Provide Third-Party Pension Administration For Foamex Canada

April 5, 1996 -- Kitchener, Ontario, Canada.
Penad Pension Services has been contracted to provide third-party administration for the defined benefit pension plans of Foamex Canada.

Foamex is a manufacturing company that creates specialty foam products for car manufacturers and furniture makers. Its 250 hourly and 50 salaried employees are all covered by defined benefit pension plans. The company also offers a group RRSP, whereby employees can make extra contributions outside of the regular plan.

"This is a great strategic fit for both companies," said Louise Brousseau, Executive Vice President of Penad. "We thank the management and staff of Foamex for choosing Penad to help streamline administration of its pension plan."