ZOTEFOAMS
Joint venture agreement with Japanese manufacturer / Foam production facility planned in South Korea
UK-based polyolefins foam producer Zotefoams (Croydon; www.zotefoams.com) has signed a joint venture agreement with Japan's Inoac (Tokyo; www.inoac.co.jp) which develops and produces materials from polyurethane, rubber and plastic. The deal, signed in July, is a 50/50-owned sales JV between the two entities and is to be located in Hong Kong and managed by Zotefoams' existing Asian polyolefin team.

With the agreement, Inoac becomes the sole manufacturer and point of sales for Zotefoams' "Azote" line of cross-linked polyolefin foam products in Asia and "Australasia". Inoac has been distributing other Zotefoams products in the region since 2007. Zotofoams has set aside a total of USD 2.2m for the two joint ventures

Initially, the JV will sell products manufactured in Croydon and then shipped directly to customers in the region. In parallel, the two companies will invest in a new production facility located in South Korea to supply locally-made foam products to the JV. The new facility will be adjacent to an existing Inoac manufacturing site. The companies will set up a 50/50-owned manufacturing JV, which will be run by Inoac. The total investment in the new facility is USD 8m (approximately EUR 6m) and is scheduled to commence operations in 2015.

Zotofoams has set aside a total of USD 2.2m capital for the two joint ventures and Inoac will match the contribution as well as purchase the major capital machinery for lease.
09.08.2013 Plasteurope.com [226038-0]
Published on 09.08.2013

© 2001-2019 Plasteurope.com  |  Imprint  |  Privacy

Plasteurope.com is a business information platform for the European plastics industry. It is part of KI Kunststoff Information and PIE Plastics Information Europe, one of the leading content providers for the European plastics industry. We offer daily updated business news and reports, in-depth market analysis, polymer prices and other services for the international plastics industry, including a suppliers guide, career opportunities, a trade name directory and videos.

News | Polymer Prices | Material Databases | Plastics Exchange | Suppliers Guide | Jobs | Trade Names | Videos | Associations & Institutions | Register | Advertising

PIE – Plastics Information Europe | KI – Kunststoff Information | KunststoffWeb | Plastics Material Exchange | Polyglobe | K-Profi
© 2001-2019 by Plasteurope.com, Bad Homburg
Date of print: 23.09.2019 02:27:05   (Ref: 983072729)
Text and images are subject to copyright and other laws for protection of intellectual property.
Any duplication or distribution in any media as a whole or in parts requires prior written approval by Plasteurope. URL: http://www.plasteurope.com/news/detail.asp