KUALA LUMPUR: Rubberex Corporation Malaysia’s subsidiary is buying Alliance Rubber Products Sdn Bhd' glove business and plant for making disposable nitrile and latex gloves in a RM113mil deal.
It said Rubberex Alliance Sdn Bhd, formerly Biogreen Medical, was buying the facilities in the Bukit Panchor industrial area in Nibong Tebal, Penang.
Rubberex said the acquisition would be "strategic and synergistic" to Rubberex's existing operation, as it complemented its present range of products and was expected to contribute to future earnings.
"This acquisition," it stressed, "would not impact its current financial year as it would only be completed in the last quarter of the year."The acquisition would be part-funded by bank borrowings and internally generated funds.