Sri Lanka’s Dipped Products to acquire Thai glove plant at $ 11 million
The Morning: Dipped Products PLC, a leading rubber glove manufacturer, has announced that its Board of Directors has given preliminary approval for the acquisition of a Thailand-based rubber glove manufacturing facility.
The acquisition, valued at approximately $ 11 million, is subject to a due diligence study.
The proposed acquisition will be executed through Dipped Products (Thailand) Ltd, a subsidiary of the company.
This strategic move is expected to expand the company’s manufacturing capabilities and enhance its presence in the global market.
OSL take:
The growth and expansion of Sri Lanka’s private sector is indicative of the overall expansion of the country’s economy. Sri Lanka’s economy has shown great resilience to external and internal challenges and the private sector has also shown the same resilience and growth amidst challenges experienced during the past few years. The expansion programmes undertaken by many local businesses also portray the business conducive environment in the country as well as the programmes launched by the government of Sri Lanka including incentive schemes to assist the growth of Sri Lanka’s private sector. With Sri Lanka working towards becoming a hub in the South Asian region supported by the country’s strategic positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, Sri Lanka’s economy is bound to see further expansion resulting in an increase in business/investment opportunities in the country. These expanding opportunities would also result in the private sector engaging in further expansion programmes locally and internationally. Given the growth and business potential in Sri Lanka, foreign businesses/investors could confidently explore the expanding opportunities in the country while also looking at forming collaborations with local businesses with the aim of further expanding operations.