Foss Manufacturing has gone from bankruptcy to profitability three months after being acquired by Alinian Capital Group, a Florida investment partnership fund. The Hampton, NH-based maker of needlepunched nonwovens and specialty fibers entered bankruptcy in September 2005 and has since been plagued by scandals including allegations that former CEO Stephen Foss used company funds to finance personal expenses. Alininan Capital Group purchased the company in May and renamed it Felter Manufacturing.
Alinian installed A.J. Nassar as the new CEO who addressed three major priorities: intense review of costs and controls; focus on employee initiatives and morale and repair of customer, and former customer, relationships
"Foss Manufacturing had not been performing to its potential and we took steps to be more productive and profitable. Those steps have resulted in the retention of almost 400 jobs and 200 new position offerings here at Foss. In addition there has been a huge collateral effect with direct and indirect suppliers in Hampton and throughout the Northeast," said Mr. Nassar.