UK's Zotefoams falls on pausing investment in ReZorce packaging technology
18/12/2024 09:43
** Shares of Zotefoams ZTF.L fall as much as 14% to
279.7p; top pct loser on FTSE smallcap .FTSC index which is up
0.1%
** The maker of closed cell crosslinked foams pauses
investment in ReZorce after failing to identify a strategic
partner to commercialise the circular packaging technology
** ZTF says it will wind down operations of its MuCell
business unit, which includes both ReZorce and operations
related to MuCell Extrusion
** However, it reiterates FY24 guidance, and expects
exiting MuCell business not to impact its ability to achieve the
annual outlook
** Stock hits its lowest since November 2023
** Currently stock down 6%, taking YTD losses to ~9%
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))