Last checked at 6 Jan 2017 07:00
Zotefoams plc
("Zotefoams" or "the Company")
Zotefoams acquires full ownership of its joint venture, Kunshan ZOTEK King Lai
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").
Zotefoams originally entered into an agreement with China-based King Lai in March 2015 to manufacture and sell the Company's T-FIT® 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.
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-FIT® 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.
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-FIT® clean-room products, while also giving us a platform to extend the range of products under the T-FIT® brand during 2017."
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Enquiries:
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 |
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.