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Zotefoams buys out Chinese joint venture partner

PLASTICS NEWS EUROPE

  Zotefoams' T-Fit products were originally made in King Lai's factory in Kunshan, China.


Specialist polymer foam producer Zotefoams plc has acquired full ownership of its Chinese joint venture, Kunshan Zotek King Lai (KZKL), from King Lai Group. No financial terms have been announced.


Croydon, England-based Zotefoams started the joint venture with China-based King Lai in March 2015 with Zotefoams owning a 51 percent share, and King Lai 49 percent. KZKL manufactures and sells Zotefoams' T-Fit insulation products. The products were originally made in King Lai's factory in Kunshan, China.


Zotefoams said manufacturing has now moved to "a separate, purpose designed state-of-the-art plant" in Kunshan, Jiangsu province. Following the grant of a business license to KZKL in December, Zotefoams acquired full control of the business.


The company said: "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, 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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