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Aspen confirms US$210 million glove deal with Honeywell is off, looking for new buyers

The Edge Singapore
The Edge Singapore6/5/2021 9:57 AM GMT+08  • 2 min read
Aspen confirms US$210 million glove deal with Honeywell is off, looking for new buyers
The company also said two recent key executives' resignation had nothing to do with the Honeywell deal
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Aspen (Group) Holdings has confirmed that its US$210 million agreement to sell gloves to Honeywell via a joint venture has been “called off”, said president and group CEO Murly Manokharan in an SGX filing.

The company did not provide an immediate update on the status of this so-called master supply agreement as it wanted to “engage in a discussion” with Honeywell after a “cooling-off period”, said the Penang-based developer late in the evening of June 4, in response to SGX’s queries.

Since there were no further developments with Honeywell, Aspen Gloves, Aspen’s glove-making joint venture, has been “in active discussion” with other potential buyers to take up the planned production.

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