Zotefoams Inoac Corporation signed joint venture agreement To Sale Azote cross-linked polyolefin foam products in Asia Australasia

Zotefoams, Inoac to manufacture and sell cross-linked polyolefin foam

4:49 AM, 15th July 2013
Zotefoams  Business News

CROYDON, UK/TOKYO, JAPAN: Zotefoams signed a joint venture agreement with Inoac Corporation for the manufacture and exclusive sale of its Azote cross-linked polyolefin foam products in Asia and Australasia. Zotefoams and Inoac have established a 50/50 owned sales joint venture company in Hong Kong. The joint venture will be managed by Zotefoams’ existing Asian polyolefin sales team. Initially, the sales joint venture will sell products manufactured at Zotefoams’ Croydon site in the UK.

The companies will invest in a new manufacturing facility in South Korea to supply the sales joint venture with products. This facility will be based adjacent to an existing Inoac manufacturing site. Zotefoams initial capital contribution to the sales joint venture is $0.3 million and to the manufacturing joint venture $0.5 million, which is expected to be followed by a further contribution of $1.4 million to the manufacturing JV around the end of 2014.

“Demand for our Azote polyolefin products in Asia is growing and this joint venture demonstrates our commitment to develop this market. I am delighted that we have entered into this joint venture agreement with Inoac, with its strong manufacturing and market presence in Asia,” said David Stirling, Managing Director, Zotefoams plc.

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