Top Glove completes Aspion acquisition
PETALING JAYA: Top Glove Corp Bhd has completed the acquisition of Aspion Sdn Bhd, making it the world’s largest surgical glove manufacturer.
In a statement yesterday, Top Glove said the share purchase agreement (SPA) had been completed, with the payment of the cash portion of the purchase consideration duly rendered and 20.5 million Top Glove consideration shares allotted to the vendor, Adventa Capital Pte Ltd.
The Aspion acquisition will add three manufacturing facilities with 75 lines and a capacity of 4.77 billion pieces of gloves per annum, which will see Top Glove now operating a total of 37 factories with 618 production lines and a capacity of 57.24 billion pieces of gloves per annum. “We are very pleased to have concluded the acquisition of Aspion, our largest one yet, well on schedule.
“We look forward to working closely with our new colleagues to realise the immense strategic and financial benefits we are confident this exercise will give rise to,” said Top Glove executive chairman Tan Sri Dr Lim Wee Chai.
Going forward, the combined entity will be better positioned to serve its global customer base more effectively, with a wider range of high-quality and cost-effective gloves, which include medical gloves, examination gloves and specialised surgical gloves.
The integration process to harness the synergies of the acquisition is ongoing, with key focus areas comprising cultural alignment and integrating the core functions of marketing, finance, human resources, IT and procurement.
Adventa Bhd managing director Low Chin Guan has also been appointed as an executive director of Top Glove.
Recall that on Jan 12 this year, Top Glove signed an SPA with Adventa Capital to acquire Aspion, one of the largest surgical glove producers globally, for a purchase consideration of RM1.37bil. The acquisition is well-aligned with Top Glove’s strategy to effectively and sustainably grow its business, representing an initiative to inorganically grow the business via a product extension merger, alongside its organic expansion plans.