Zotefoams
plc
("Zotefoams" or "Group")
Zotefoams and Shincell Global
Alliance
7
May 2024 - Zotefoams, a world leader
in cellular materials, announces that it has signed a Global
Alliance Agreement with Suzhou Shincell New
Materials Co., Ltd ("Shincell") of Suzhou,
China.
Shincell and Zotefoams are
industry-leading foaming companies with complementary technology
and market interests. This global alliance matches Zotefoams'
100-year history in nitrogen-expanded foams with
Shincell's latest innovations in foaming
technology.
Shincell, based in Suzhou, China, was founded in 2019 by Dr Xiulei
Jiang, who has over 20 years' experience in physical-gas foaming
research and technology. Shincell is a company dedicated to
developing sustainable foaming technologies and manufacturing
clean, environmentally friendly lightweight foam materials. The
company uses nitrogen and carbon dioxide gases commonly found in
the air to expand plastics and form a large number of micro and
nano bubbles inside, a purely physical foaming process.
The alliance consists of agreements
on technology licensing from Shincell to Zotefoams, development and
market co-operation, and regional product distribution agreements,
where certain products from Shincell's unique technology will be
marketed alongside Zotefoams' existing and future product
range. With a shared commitment to
sustainability and innovation, the two companies will co-operate on
product development and are confident that this alliance is a
significant step forward for the foaming industry.
Shincell's complementary
technologies extend Zotefoams technical
capability, enabling a wider scope of products in both new and
existing markets and enhancing the Group's technology platform for
new products to deliver growth.
Zotefoams will pay technology
licensing fees of RMB 80million (approx. £9m, including capitalised
deal costs*) over the 5-year term of the agreement, which will
support the further development of the technology and Shincell
business.
Dr
Jiang, Shincell CEO, comments, "This
alliance is a great example of combining cutting edge foaming technology and global marketing expertise
to not only enhance innovation efficiency but push environmental
awareness to a higher level. We are very optimistic that the
collaboration with Zotefoams will bear more sustainable
fruits."
David Stirling, Zotefoams Group CEO, comments,
"I am very impressed by Dr Jiang and the
technology developed by his Shincell company. Their goal of
environmentally friendly foaming using physical blowing agents
aligns perfectly with Zotefoams' vision and markets. This alliance
is an exciting opportunity to enhance the growth potential of our
specialist foams business with sustainable solutions."
* Zotefoams
policy for amortisation of technology-related intangible assets can
be found in Note 2.(vi) of the 2023 Annual Report
-ENDS-
Enquiries:
Zotefoams plc
|
+44
(0) 208 664 1600
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David Stirling,
Group CEO
Gary McGrath, Group CFO
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|
|
|
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IFC
Advisory (Financial PR & IR)
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+44
(0) 203 934 6630
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Graham Herring
Tim Metcalfe
Zach Cohen
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About Zotefoams plc
Zotefoams plc (LSE - ZTF) is a world
leader in cellular materials technology delivering optimal material
solutions for the benefit of society. Utilising a variety of unique
manufacturing processes, including environmentally friendly
nitrogen expansion for lightweight AZOTE® polyolefin and
ZOTEK® high-performance foams, Zotefoams sells to
diverse markets worldwide. Zotefoams uses its own cellular
materials to manufacture T-FIT® advanced insulation for
demanding industrial markets. Zotefoams also owns and licenses
patented microcellular foam technology to reduce plastic use in
extrusion applications and for ReZorce® mono-material
recyclable barrier packaging.
Zotefoams is headquartered in
Croydon, UK, with additional manufacturing sites in Kentucky, USA
and Brzeg, Poland (foam manufacture), Oklahoma, USA (foam products
manufacture and conversion), Massachusetts, USA and Stilling,
Denmark (microcellular foam technology) and Jiangsu Province, China
(T-FIT).
www.zotefoams.com
AZOTE®,
ZOTEK®, ReZorce® and T-FIT® are
registered trademarks of Zotefoams plc.