World’s largest glove maker to open first Vietnam factory next year

By Quy Nguyen   July 22, 2019 | 11:40 am GMT+7
World’s largest glove maker to open first Vietnam factory next year
Top Glove will open its first plant in Vietnam in mid-2020. Photo by Reuters.

Malaysia’s Top Glove will open its first plant in Vietnam next year to meet the surging demand in the country for hygienic gloves.

The world's largest glove maker is expected to invest $24.5 million to build the new factory, which would produce four billion polyvinyl chloride gloves a year, Japanese newspaper Nikkei Asian Review reported.

The plant will be built on an industrial plot in Vietnam, measuring more than 20 acres, Top Glove executive chairman and founder Lim Wee Chai told the New Strait Times.

The company’s managing director, Kim Meow Lee told Malaysia’s The Star newspaper on the sidelines of the 2019 Invest Malaysia that the construction of the plant has started and production would commence in the first quarter of 2020.

Top Glove, which has a market capitalization of just over $3 billion, reported profits of $105.7 million last year on revenues of $1 billion.

By the end of next year Top Glove expects to have 872 product lines, up from 648 this year when capacity rose to 83.3 billion gloves from 63 billion last year and 49 billion in 2017.

"We plan to build at least one to two new factories every year and also remain open to mergers and acquisitions and joint venture opportunities in related businesses," Lim told with Nikkei in an interview, adding almost $100 million is earmarked every year for expansion and automation.

 
 
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