LONDON: Zotefoams, a global leader in supercritical fluid foam technology, has unveiled plans to expand its manufacturing and innovation capabilities with new facilities in Vietnam and South Korea.
This strategic investment aims to bolster its presence in the athletic footwear market, where the company has built a strong partnership with Nike, contributing to annual revenues exceeding £65 million in 2024.
The expansion includes a manufacturing facility near Ho Chi Minh City, Vietnam, and a purpose-built innovation center in Busan, South Korea. The manufacturing site will allow Zotefoams to produce locally, reducing production and transport costs, improving sustainability metrics, and enhancing customer relationships.
The innovation center will focus on accelerating product development and showcasing the company’s unique technology within the region’s research and development hub.
“This investment in Asia marks a pivotal moment for Zotefoams, positioning us at the heart of the global athletic footwear ecosystem,” said Ronan Cox, CEO of Zotefoams plc. “By establishing manufacturing in Vietnam and innovation capability in South Korea, we are transforming our ability to serve this market with greater speed and innovation. Our new 3D parts manufacturing will significantly reduce production waste while enabling faster development cycles.”
Zotefoams’ three-year investment of approximately £26 million will be fully funded from existing resources, with facility fitting set to begin in Q2 2025 and commissioning expected by 2027. The company anticipates strong returns from the expansion, which aligns with its long-term growth strategy to enhance sustainability, improve cost efficiency, and capture more market opportunities in athletic footwear and beyond.
The details of this investment will be elaborated during Zotefoams’ Capital Markets Day on March 18, 2025.