OCEANSIDE, Calif., Jan. 2 /Xinhua-PRNewswire/ -- Foamex Asia Co. Ltd. announced today that it has changed its name to "FOAMTEC INTERNATIONAL CO., LTD." The name change is being made in connection with the buy-out of Foamex International Inc.'s interest in the Company by Hua Kee Company Limited ("Hua Kee"). Hua Kee is the current and original partner in the joint venture. Following the buy-out, the company will be a wholly-owned subsidiary of Hua Kee.
According to Stephen Scibelli, CEO of Foamtec International, "FOAMTEC INTERNATIONAL CO., LTD. will continue to focus on developing and manufacturing technical foams and will retain the same facilities, technology and management. The Company's business model is a fully-integrated technical polyurethane foam supplier, from foam to finished parts and/or sub-assemblies provided directly to major end users and distributors globally. This buy-out allows us to move more quickly on the significant opportunities we see in the Microelectronics and Medical markets."
"Operating as a solely-owned company allows us to expand our business in the US. In addition to clean room products supplied to the Pharmaceutical, Medical Device and Semiconductor markets, we will now be able to supply technical foams to the entire US market," stated Fred Pisacane, President of the Wilshire Contamination Control Division of Foamtec International.
"Hua Kee has participated in various successful joint ventures in Thailand, including Air Products and Chemical Company in the industrial gas and power generation business and Basell in the polypropylene business. Hua Kee also operates petrochemical plants producing Butadiene Extraction,
Butene-1, MTBE, BR and SRB synthetic rubbers, which have revenues exceeding
US$1 billion dollars. We see this as a valuable synergy going forward. Leveraging these synergies, Foamtec International, as a wholly owned subsidiary of Hua Kee, intends to accelerate the expansion of its research and development activities to better serve our Disk Drive, Semiconductor, Printer, Medical and Pharmaceutical Customers," according to Dr. Pichit, major Shareholder of Hua Kee.
"Our customers and suppliers will be working with all the same people, factories, technology and resources as before. The only change is our name to FOAMTEC INTERNATIONAL CO., LTD and the fact that we will have a 100% focus on clean room technical foams," stated Stephen Scibelli.
The Foamtec International Group consists of the Fabrication Division which has facilities in Thailand, Singapore, Malaysia and China; The Technical Foam Division which is located in Laem Chabang, Thailand and the Wilshire Contamination Control Division which is headquartered in the USA with a manufacturing facility in Ayutthaya, Thailand (foamtecintl.com). For further information contact Fred Pisacane in the USA at +1-619-850-3682, fpisacane@foamtecintlwcc.com or Stephen Scibelli in Asia at +66-2679-6106, steves@foamtecintl.com.
