**Summary**
Zotefoams plc, a global leader in supercritical foams, has entered into a joint venture agreement with Seoheung Co. Ltd., a footwear supply chain specialist, to support the construction and commissioning of a new manufacturing facility in Vietnam. Seoheung will invest $10 million for an initial 17.5% equity stake in the holding company for the facility, with the option to increase its stake to 35% for an additional $14 million. The total project cost is approximately $32 million, with Zotefoams funding the remaining $22 million from existing debt facilities. The facility is expected to be commissioned in Q4 2026.
The partnership aims to de-risk Zotefoams Asian investment by leveraging Seoheungs local manufacturing expertise, sharing costs, and mitigating operational risks. This collaboration supports Zotefoams strategic shift towards producing advanced 3D preforms for the athletic footwear market. The joint venture will also benefit from Seoheungs 30+ years of local knowledge in injection moulding and footwear manufacturing.
Additionally, Zotefoams announced the appointment of Brandon Thomas as Managing Director - Asia, a newly created role reflecting the regions strategic importance. Brandon, formerly General Manager, Asia at Nike, will lead the execution of the joint venture and investment in Asia.
Zotefoams CEO, Ronan Cox, emphasized the joint ventures benefits in de-risking the project, accelerating growth, and strengthening relationships with Tier 1 factory partners in Southeast and East Asia. The move underscores Zotefoams confidence in the growth potential of its footwear business and commitment to delivering shareholder value.