(Oct 23): Top Glove Corp, the world’s largest rubber glove manufacturer, is likely to announce a new acquisition within the next month to boost the company’s growth momentum.
“We are very active now, [and] we are very hungry for M&As. But we must look for the right food [right company] to eat, we cannot simply eat,” Top Glove chairman Lim Wee Chai tells reporters at a briefing to discuss the group’s 4QFY2017 ended August. “We are very close to closing a deal, we will announce it [the acquisition] within one month. We’re almost at the end. Wait for our good news.”
In addition, Lim says the group is aiming to grow its market share to 30% by 2020 from 25% currently. “As we announced earlier, [securing] 30% of the market share through organic growth is too slow, so we need to go through M&A. We’re always looking for areas to improve in terms of sales, capacity and profit,” he says. Declining to divulge more, Lim adds that the acquisition target is “interesting and good” for Top Glove.