Zotefoams acquires full ownership of joint venture for T-Fit products

Zotefoams has announced full ownership of its joint venture company to produce a closed-cell foam insulation product for the biotechnology, pharmaceutical and semiconductor industries globally.

The Croyden-based company 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, named KZKL.

Under the terms of the original agreement, KZKL was owned 51 percent by Zotefoams and 49 percent 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, 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 globally, other than in North America, where a long-established relationship with a local partner remains in place. 

“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,” commented David Stirling, Group CEO of Zotefoams plc.