10th Mar 2025 20:33
Zotefoams PLC - London-based cellular materials company - Announces plans to expand its international footprint through the establishment of new, purpose-built manufacturing and innovation facilities in Vietnam and South Korea, respectively. Believes that to capitalise on the "substantial" longer-term potential for growth in footwear the group requires additional dedicated manufacturing and innovation capability located close to customers' supply chains. Being able to manufacture locally, in addition to existing production in the UK, brings a number of clear benefits including strengthened customer relationships, lower production and transport costs, and significantly improved sustainability metrics. Expects the total cost of the new manufacturing and innovation facilities to be GBP26 million. Sees a strong return on investment, alongside the strategic benefits. The investment is to be made over the next three financial years and will be funded entirely from existing facilities and within the group's target leverage levels. A leased facility close to Ho Chi Min City, Vietnam, will be selected shortly and the fitting out will begin in the second quarter of 2025. Read More
