GIIB commences latex glove-making plant in Nilai


GIIB chief executive officer and executive chairman Tai Boon Wee said that the launch of the group’s first glove-manufacturing plant marked its successful foray into the glove-making scene.

PETALING JAYA: GIIB Holdings Bhd, a rubber compound and technical compound provider, has started its latex glove manufacturing facility in Nilai, Negri Sembilan.

The group’s foray into the glove-making sector is through its 51%-owned subsidiary, GIIB Healthcare Products Sdn Bhd.

The glove-manufacturing outfit has five double former glove-dipping production lines with a production capacity of 1.05 billion pieces of glove per annum.

The production lines are interchangeable to produce latex or nitrile gloves.

“GIIB will manufacture the latex gloves under its own brand ‘GIIB Healthcare’ and serve as an original equipment manufacturer for local and international clients,” the company said in a statement yesterday.

Under a “maximum scenario”, producing at full capacity and given the current average selling price of approximately RM90 per 1,000 latex gloves, revenue contribution from this plant can reach about RM94mil per annum.

For comparison, the group reported a revenue of RM36.6mil for the 12-month period ended Dec 31, 2021.

GIIB chief executive officer and executive chairman Tai Boon Wee said that the launch of the group’s first glove-manufacturing plant marked its successful foray into the glove-making scene.

“In fact, we have already secured strong sales order for the year, showcasing the quality of our products, and we expect the glove business to start contributing to our financial year ending June 30, 2023.

“We expect exports for rubber gloves to remain robust, with growth in the double-digit region. Even into the post-Covid era, we believe demand for gloves will remain strong in light of the heightened health awareness brought about by this pandemic,” he added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

GIIB , GHB Holdings , Tai Boon Wee , gloves , Nilai ,

   

Next In Business News

Malaysia's PPI continues to record high growth in May 2022
Bursa changes course to negative territory at midday
Moody's affirms AmBank's ratings, changes outlook to stable
Taiwan's GlobalWafers to invest US$5bil in new silicon wafer plant in Texas
CC International posts modest premium on LEAP Market debut
Japan says hard to confirm impact from Russia's debt default
Better rating revision lifts ringgit in early trade
Kenanga Research cuts end-2022 KLCI target to 1,610 points
Quick take: Sapura Energy back in black, shares jump 22%
Bursa Malaysia volatile in early trade

Others Also Read