25 November 2024 12:17 am Views - 171
Dipped Products PLC, a pioneer in the protective hand-wear industry, announced it has completed the acquisition of a Thailand-based rubber glove manufacturing facility.
Dipped Products shared that following the completion of the due diligence study, the Share Sale and Purchase Agreement (SSPA) for the acquisition of 100 percent of the equity of Hi Care Thai Gloves Company Ltd., in Thailand was executed on 21 November 2024. “The transaction will be completed upon the purchase consideration of Thai Baht 370 million (approximately US$ 11 million) being released for the aforesaid acquisition, and will be made by Dipped Products (Thailand) Limited, a wholly-owned subsidiary of the Company,” the entity said in a filing to the Colombo Stock Exchange on Friday. It noted that the strategic acquisition aligns with the company’s objectives to expand its global footprint in the rubber glove manufacturing industry and strengthen its presence in international markets.