Zotefoams PLC Acquires full ownership of its joint venture (4919T)
January 06 2017 - 2:00AM
UK Regulatory
TIDMZTF
RNS Number : 4919T
Zotefoams PLC
06 January 2017
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(R) 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(R) 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(R) clean-room products, while also giving us a platform to
extend the range of products under the T-FIT(R) brand during
2017."
- Ends -
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(R) polyolefin and ZOTEK(R) high-performance
foams for diverse markets worldwide. Zotefoams uses its own
cellular materials to manufacture T-FIT(R) advanced insulation for
demanding industrial markets. In addition, Zotefoams owns and
licenses patented MuCell(R) 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(R)).
www.zotefoams.com
AZOTE(R), ZOTEK(R), T-FIT(R) are registered trademarks of
Zotefoams plc
MuCell(R) is a registered trademark of Trexel Inc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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