Economy

World's top surgical glove maker shuts factories due to coronavirus

World's top surgical glove maker shuts factories due to coronavirus”

According to a BBC report, the authorities informed that the world's largest maker of latex would close down around 28 plants in stages as it will try to control the Coronavirus outbreak after 2,500 employees tested positive.

This is due to the fact that not all workers reside at the factory dormitories and many go back to their own residences.

In a stock exchange filing on Monday, Top Glove said it had temporarily stopped production at 16 of the 28 facilities since last Wednesday, with the balance of 12 facilities operating at much reduced capacities.

The firm said some deliveries could be delayed by four weeks and new orders could take longer to process, while sales could fall 3 per cent short of its projections for the 2021 financial year.

Malaysia-based glove manufacturer Top Glove was founded in 1991 and has since emerged to the world's largest supplier of gloves.

The company, which commands a quarter of the global latex glove market, has racked up record profits this year on sky-rocketing demand for its products and protective gear, thanks to the pandemic.

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While it began as a local business with just one factory and glove production line in Malaysia, Top Glove has already spawned its operations in China, Thailand, and Vietnam while it also has offices in Brazil, Germany, and the USA. Europe and North America are its biggest markets.

Hartalega Holdings Bhd and Supermax Corp Bhd are the other two top glovemakers in the country.

Yesterday, it announced the suspension of its said facilities to allow further Covid-19 screening and quarantine of its workers following a surge in Covid-19 cases among them.

But there has been a cluster of virus outbreaks among Top Glove employees - many of whom are low-paid migrant workers - at factories in an industrial area near the capital, Kuala Lumpur.

Ng said the closures had not affected the company's orders and was maintaining her earnings estimates for fiscal 2021.

Two other analysts predicted a 2% hit to annual profit.



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