Zotefoams acquires full ownership of JV

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.