Sri Lanka’s Dipped Products to manufacture sports and mechanic gloves
Sri Lanka’s Dipped Products PLC (DIPD) in a corporate disclosure to the Colombo Stock Exchange (CSE) corporate disclosure dated 4 January has reportedly announced that it will be widening its product portfolio by venturing into the sports and mechanic gloves range as a part of its growth strategy.
Accordingly, DPL Premier Gloves Ltd., which is a fully owned subsidiary of DIPD, is to invest approximately Rs. 1 billion to establish a state-of-the-art manufacturing facility in the Biyagama Export Processing Zone (EPZ) under Sri Lanka’s Board of Investment (BOI).
DIPD and its subsidiaries are currently exporting rubber gloves to over 70 countries across the globe as part of its growth strategy.
According to local media reports, DIPD mainly engages in two businesses – manufacturing and export of protective hand-wear and plantations.
DIPD is one of the world’s largest manufacturers of protective hand-wear, accounting for 28% of Sri Lanka’s total glove exports and serving close to 5% of total global demand for natural and synthetic latex-based household and industrial gloves, local media reports have noted.
Reports have further stated that with five manufacturing facilities – in Sri Lanka (four facilities) and Thailand (one facility) – the group offers an array of high-quality, innovative products which are sold in over 70 countries.
The marketing and distribution arm of DIPD’s protective hand-wear business is located in Italy.
DIPD is part of Hayleys PLC, one of Sri Lanka’s most respected and diversified business conglomerates which commands leading positions across key sectors.
OSL take:
Sri Lanka’s manufacturing sector has shown a steady growth even amidst the pandemic challenges. The expansion in the manufacturing sector has also opened up a host of new business/investment opportunities in the sector. Also, the many trade agreements as well as concessions enjoyed by the country have helped boost Sri Lanka’s manufacturing sector. With Sri Lanka working towards becoming a business hub in the South Asian region, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka’s manufacturing sector.
| Article Code : | VBS/AT/10012022/Z_4 |