Zotefoams to launch global innovation hub with South Korean spoke

(Alliance News) - Zotefoams PLC on Thursday announced the launch of three "important" initiatives, which aim to drive the acceleration of the firm's "innovation capabilities".

The Croydon, England-headquartered foams, insulation, seals and interior trims provider said it will invest GBP4.5 million into the creation of a global innovation hub in the UK, for the development of "breakthrough" foam technologies and products.

The hub will use existing infrastructure, reduce operational costs and allow collaboration between research and development teams and manufacturing expertise.

Zotefoams will also invest a further GBP2.3 million into the establishment of a footwear innovation centre in Busan, South Korea. The facility will act as a specialised branch of the global innovation hub, enabling the rapid development and deployment of footwear foam technologies.

In addition, the company said it has promoted Group Strategy & Delivery Director Simon Comer to chief strategy & innovation officer. This expands on his prior role to encompass overseeing the innovation and development team at Zotefoams, the results delivery office and corporate development.

"These initiatives represent a step change in our innovation capabilities and global reach. Our global innovation hub will serve as the worldwide engine for breakthrough technologies, while our footwear innovation centre in South Korea places us at the heart of one of the world's most dynamic athletic footwear markets," said Chief Executive Officer Ronan Cox.

"The appointment of Simon Comer as our first chief strategy & innovation officer ensures we have the leadership structure to translate innovation into sustainable competitive advantage. Together, these investments position Zotefoams strongly for our next phase of profitable growth."

Shares in Zotefoams closed up 1.7% at 426.00 pence in London on Thursday. The stock remains down 10% over the past year.

By Emily Parsons, Alliance News reporter

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