Last checked at 14 Dec 2017 07:00
Zotefoams plc
("Zotefoams" or the "Company" or "Group")
£12 MILLION INVESTMENT PLANNEDTO BOOST MANUFACTURING CAPACITY AT CROYDON FACILITY
14 December 2017 - Zotefoams, a world leader in cellular materials technology, is pleased to announce that it will invest approximately £12 million to increase capacity at its Croydon, UK site.
Over the past few years demand for High-Performance Products (HPP) has increased and with strong customer interest in this product range we expect demand to continue to grow significantly.
The planned investment announced today is to install low-pressure ("LP") autoclaves intended primarily for expansion of ZOTEK® HPP foams. The Company currently operates four smaller LP autoclaves for this range of products, two of which were commissioned in early 2017. The investment, in two larger LP autoclaves, buildings and associated infrastructure, will increase expansion capacity for the ZOTEK® foams product range by a factor of up to six times.
The Company expects the enhanced capacity to come on stream during 2019.
Commenting on the investment David Stirling, Group CEO of Zotefoams, said:
"Our pipeline of opportunities to sell higher margin HPP materials is developing very positively and, with strong customer interest in our products, we believe that now is the right time to invest in increased manufacturing capacity to support our future growth."
Enquiries: Zotefoams plc | +44 (0) 208 664 1600 |
David Stirling, Group CEO | |
Gary McGrath, Group CFO | |
IFC Advisory |
+44 (0) 203 053 8671 |
Graham Herring Miles Nolan | |
About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces and sells lightweight AZOTE® polyolefin and ZOTEK® high-performance foams for diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT® advanced insulation for demanding industrial markets. In addition, Zotefoams owns and licenses patented MuCell® microcellular foam technology, developed specifically for extrusion applications, from a base in Massachusetts, USA to customers worldwide.
Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky and Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA (MuCell Extrusion) and Jiangsu Province, China (T-FIT®).
www.zotefoams.com
AZOTE®, ZOTEK®, T-FIT® are registered trademarks of Zotefoams plc
MuCell® is a registered trademark of Trexel Inc.