Zotefoams 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.