The specialist for polyolefin foams Zotefoams (Croydon, UK; www.zotefoams.com) has appointed Ronan Cox as CEO designate. He is set to take the helm at the annual general meeting on 22 May, the company announced. Cox succeeds David Stirling, who managed Zotefoams for 24 years.

Cox joined the company based in Croydon, a southern suburb of London, at the beginning of April. He previously held leading positions at technology company Lontra and the yarn and zip-fastener specialist Coats.

According to preliminary figures, Zotefoam’s turnover remained largely stable last year (down 0.3%) at GBP 127 mn (EUR 149 mn). Operating profit increased by 9% to GBP 15.1 mn in 2023, while pre-tax profit increased by 5% to GBP 12.8 mn. However, net liabilities also increased by 13% to GBP 31.6 mn.

Related: Zotefoams buys Denmark’s Refour / Focus on foamed mono-material packaging

Zotefoams is cautiously optimistic for 2024. Sales of polyolefin foams have so far been below the previous year’s level, particularly in Europe, the outgoing CEO said. However, it is expected to pick up over the course of the year. Additionally, an exclusive sales agreement with the sporting goods manufacturer Nike has been extended until 2029. Sales volumes of technical foams, which the company offers in the High Performance Polymers segment, is expected to be significantly higher than in the previous year.

In addition to the production at its headquarters in the UK, Zotefoams operates further plants in Poland, the US (Kentucky), and China. It is also invested in a joint venture in Hong Kong, and its subsidiary MuCell Extrusion has production facilities in the US (Massachusetts) and Denmark.