6 Jan 2017 07:00
Zotefoams plc
("Zotefoams" or "the Company")
Ā
Zotefoams acquires full ownership of its joint venture, Kunshan ZOTEK King Lai
Ā
Ā
6 January 2017 - Zotefoams, a world leader in cellular materials technology, today announces that the Company has acquired full ownership of its joint venture, Kunshan ZOTEK King Lai ("KZKL"), from King Lai Group ("King Lai").
Ā
Zotefoams originally entered into an agreement with China-based King Lai in March 2015 to manufacture and sell the Company's T-FITĀ® insulation products through the joint venture, KZKL. Under the terms of the original agreement, KZKL was owned 51% by Zotefoams and 49% by King Lai, with manufacturing to be located in King Lai's factory in Kunshan, China.
Ā
Manufacturing has now been established on a separate, purpose designed state-of-the-art plant in Kunshan, Jiangsu Province, China and, following the grant of a business license to KZKL in December 2016, Zotefoams acquired full control of this business. KZKL will supply Zotefoams' T-FITĀ® insulation products to service the exacting demands of the biotechnology, pharmaceutical and semiconductor industries globally, other than in North America where our long-established relationship with a local partner remains in place.
Ā
David Stirling, Group CEO of Zotefoams plc, said:
"With Kunshan ZOTEK King Lai now a wholly owned subsidiary Zotefoams is well placed to fully capitalise on the potential of T-FITĀ® clean-room products, while also giving us a platform to extend the range of products under the T-FITĀ® brand during 2017."
Ā
Ā
- Ends -
Ā
Enquiries:
Ā
Zotefoams plc | +44 (0)208 664 1600 |
David Stirling, Group CEO | |
Gary McGrath, Finance Director | |
FTI Consulting | +44 (0)203 727 1000 |
Victoria Foster Mitchell / Simon Conway |
Ā
Ā
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 AZOTEĀ® polyolefin and ZOTEKĀ® high-performance foams for diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FITĀ® advanced insulation for demanding industrial markets. In addition, Zotefoams owns and licenses patented MuCellĀ® microcellular foam technology, developed specifically for extrusion applications, from a base in Massachusetts, USA to customers worldwide.
Ā
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-FITĀ®).
Ā
www.zotefoams.com
Ā
AZOTEĀ®, ZOTEKĀ®, T-FITĀ® are registered trademarks of Zotefoams plc
MuCellĀ® is a registered trademark of Trexel Inc.