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Foamasters Share Discussion Threads
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|FoaMasters International Limited
FoaMasters International Limited ("FoaMasters" or the "Company") (AIM: FOAM), a
leading Asia-based manufacturer and producer of high-quality polyurethane
flexible foam and finished products, is pleased to announce a trading and
operational update, ahead of the release of its maiden Preliminary Results for
the year ended 31 December 2007 in April 2008.
The Board is pleased to report that it expects the results for the year ended 31
December 2007 to be in line with its expectations.
Introduction of EnviroMaster(TM) series of products
EnviroMaster(TM) is FoaMasters' new series of environmentally friendly products.
In November 2007, the Company commissioned its first recycled foam powder
production facility in Heshan, China, with an annual capacity of 854 tonnes. The
use of EnviroMaster(TM) recycled powder in the manufacturing of FoaMasters' foam
products will make them environmentally friendly and potentially improve margins
across the Group's product range. By the end of 2007, the majority of the
Group's facilities had been adjusted to allow for the use of the
EnviroMaster (TM) recycled powder.
Following Admission to AIM in December 2007, the Company launched its
EnviroMaster(TM) product range and they have been well received by a number of
major customers including True Seating Concept, one of the largest office chair
distributors in North America and Primo, a bedding distributor in Canada and
FoaMasters anticipates that it will increase its capacity to produce the
EnviroMaster(TM) recycled powder through additional facilities within the new
plant in Zhejiang, China, in the second half of 2008.
New foam production facility
In December 2007 FoaMasters commissioned a new production plant in Zhejiang
province, China, which has a capacity of up to 9,000 tonnes per annum. The
facility is the ninth plant in the FoaMasters Group, giving a total annual
capacity of over 66,000 tonnes.
In recent months the Company has been increasingly focused on developing its
domestic market presence with a number of initiatives to improve its
distribution within China and the rest of Asia. The Company has increased its
S'fonia own brand marketing functions within Asia, along with an increase in the
number of products in the S'fonia range.
During 2008 FoaMasters plans to open another manufacturing plant to further its
planned production expansion in China to cater for the increasing domestic
demand for its products. The Company is also assessing options to expand its
presence within Vietnam, through its joint venture partner, Yue Yuen Holdings.
Mr. Jack Cheong, CEO of FoaMasters, commented:
"We are pleased that 2007's financial performance was in line with our
expectations. Following admission to AIM in December the Company is continuing
to build its production capacity through new plant expansion and focusing the
development of its marketing function in China to take advantage of the growing
domestic demand. We look forward to the year ahead with confidence."|
|what are your views on the RBS shares, will they be heading above the 500p mark|
|like the look of this company very much. Bloody tightly held though and the spread is simply foolish to trade or buy. Ambitious expansion plans, cash generative and asian production costs..trading history as well
reminds me of mayborn in many ways
reckon this could do the business going forward
on my VIP watchlist
|Spec Buy rec on GCI also -
|proactiveinvestors.com have written an article that will interest holders here IMO;
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