2010-02-08 [Source: Pudaily]

Crest Foam was jointly owned by The Vita Group, UK (80%) and Inoac Corporation, Japan (20%). For many years Crest has been a small, but profitable operation within the Vita Group. With effect from 13 January, Inoac USA Inc. has acquired 100% shares of Crest Foam Industries. Inoac has been the minority shareholder since 1997 and is quite familiar with the operations, personnel and business of Crest Foam and, as such, the acquisition indicates a strong confidence in Crest's business and growth prospects within the technical and specialty urethane foam business.

Inoac Corporation is a 60 year old, family-owned, diversified polymer chemistry company and a global technology leader in the fields of automotive, eletrical/electronics, industrial and housing/construction industries among others with annual group sales exceeding $2.5 billion. Inoac was among the first companies to introduce polyurethane technology and manufacturing in Asia in the 1950's and is recognized as a leader in polyurethane technologies. Inoac has a superb long-term record of developing its' group companies to become global leaders in their respective product technologies.

Staff at Crest are very excited about the new ownership as it will significantly broaden the company's product portfolio and create new opportunities to serve its customers' needs globally. Crest will continue to operate as a stand-alone entity with the same management team and staff and will, as always, continue to be responsive to its customers' needs. The company is confident that with Inoac's expertise in technology and product development, Crest will be able to serve future needs in a large variety of applications and geographic markets. Crest will benefit from Inoac's investments in other related specialty foam businesses within the US and globally. In the US Inoac also has investments in technical foam operations at Rogers and Woodbridge.