CHATTANOOGA, Tenn.—Woodbridge Group has full ownership of Woodbridge FoamPartner Co. after acquiring Conzzeta Management A.G.'s 51 percent stake in the North American joint venture earlier this month for an undisclosed price.
Since Aug. 11, the former JV has been operating as Woodbridge Technical Products Co.
"The newly named business unit Woodbridge Technical Products Co. reinforces the organization's strategic focus and will continue to manufacture slab urethane foams for a broad range of existing customers and markets, including consumer products, automotive, filtration, medical and industrial," Woodbridge said in a statement posted to the firm's website.
In a separate statement, Conzzeta said it signed a supply agreement with Woodbridge Group that will allow its FoamPartner business unit to "further develop the American market for foam independently, without contractual restrictions."
In July, Zurich-based Conzzeta took full control of the Duderstadt, Germany-headquartered Otto Bock Kunststoff GmbH, saying at the time of the acquisition that Otto Bock's foam materials, components and systems were "a good fit with Conzzeta's foam materials solutions in its FoamPartner business unit."
That acquisition will be key as Conzzeta looks to expand polyurethane foam services throughout the U.S.
"We are paving the way for additional growth in the USA where we will significantly expand our business volume," Conzzeta CEO Michael Willome said in a statement. "The restructuring of the two joint ventures will reduce the complexity of FoamPartners' business in Asia and North America, its most important growth regions."
Woodbridge is a Canadian developer and manufacturer of urethane and particle foam technologies for a variety of applications, including automotive, health care and building products. Additional information is available at woodbridgegroup.com.
A holdings group based in Zurich, Conzetta operates four business segments including FoamPartner, its polyurethane foams unit.