Zotefoams Enters Joint Venture with Seoheung Co. Ltd to Build New Manufacturing Facility in Vietnam

Zotefoams and Seoheung Co. Ltd have entered a joint venture to build a new manufacturing facility in Vietnam to support global demand for sustainable footwear solutions.

The new facility will help Zotefoams achieve its growth ambitions in the Asian region and serve its customers in the footwear industry.

Seoheung brings decades of experience in the Asian footwear industry to the partnership, with expertise in manufacturing in Korea, Vietnam, Indonesia, and China.

Seoheung will invest $10m for an initial 17.5% stake in the holding company for the Vietnamese facility.

The project is expected to cost around $32m, with Seoheung's additional investment potentially reaching $14m and up to 35% stake.

Brandon Thomas, a seasoned executive, has been appointed Managing Director – Asia, leading the strategic partnership.

The joint venture aims to reduce financial and technical risks for Zotefoams, while enabling the company to deliver high-quality products and services to customers.

Seoheung's expertise in Vietnam's manufacturing landscape will help Zotefoams navigate local market opportunities.

The partnership is a significant step forward in Zotefoams' evolution from traditional foam sheet supplier to 3D preform producer for the athletic footwear market.

The collaboration is expected to drive substantial growth in the footwear business in Southeast and East Asia, delivering attractive returns for Zotefoams' shareholders.