The Connecticut State Bond Commission approved a $2.5 million loan for Shelton-based Latex Foam International L.L.C., with the company expected to hire 30 people in addition to the 150 it already employs in Connecticut.
Latex International”™s material is used in bedding and other products.
Earlier this year, former Latex International CEO Kevin Coleman pleaded guilty to embezzling $1.7 million from the company. Latex International”™s former head of human resources Joanne Osmolik of Newtown had pleaded guilty to embezzling a similar amount, and in April received a four-year prison sentence.
Separately, on Wednesday, shares of foam bedding maker Tempur-Pedic International Inc. (NYSE: TPX) fell by nearly half at after the opening bell, after the Lexington, Ky.-based company predicted lower sales and profits this year in part due to increased competition in North America.
