Malaysian glove maker Hartalega to spend $1.7b to build 16 new plants

Photo by Clay Banks on Unsplash

Hartalega Holdings Bhd, Malaysia’s second-biggest maker of rubber gloves, said it plans to spend 7 billion ringgit ($1.7 billion) to build 16 new manufacturing facilities over the next 20 years.

The coronavirus pandemic has led to soaring demand and a jump in prices for medical and other types of rubber and synthetic gloves worldwide.

Hartalega, which currently has 12 plants, aims to increase annual production capacity to 95 billion gloves by 2027 from 43 billion now, it said in a statement.

By comparison, domestic rival Top Glove Corp, the world’s biggest maker of medical gloves, manufactures 93 billion gloves annually. This week Top Glove reported a fourth consecutive quarter of record profit, noting profit achieved for the first half of the current financial year exceeded its total profit for the past 20 years.

As part of its expansion plans, Hartalega said a subsidiary has agreed to buy 250 acres of land from a company owned by the Ministry of Finance for 228.7 million ringgit.

The deal includes an option to purchase another 130 acres of land in the same location in Kedah, a state in northwest Malaysia. All planned 16 plants would be located in the area.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.