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One of the world's largest medical glove manufacturer, Top Glove Corp. shuts factory facilities in Malaysia after widespread COVID-19 positive testing among thousands of workers as reported by Reuters - Liz Lee.
While the global demand for examination gloves has surpassed the production and supply capacity, the loss, even a temporary one, of a major manufacturer adds further pressure on the essential medical protective equipment supply lines.
Reuter's - Liz Lee - November 24, 2020
KUALA LUMPUR (Reuters) - Malaysia’s Top Glove Corp expects deliveries to be delayed and sales to fall below its forecasts after thousands of positive COVID-19 tests among its workers forced the world’s biggest rubber glove maker to shutter some factory operations.
The firm said some deliveries could be delayed by four weeks and new orders could take longer to process, while sales could fall 3% short of its projections for the 2021 financial year. Its shares were down by as much as 7.5% on Tuesday.
“To minimise the impact on our customers, we are allocating sales orders to unaffected factories and rescheduling deliveries where possible,” it said in a statement.
Top Glove’s shares, which have soared this year as global demand for protective gear has surged in the pandemic, slipped after the government said it would close 28 of the firm’s factory buildings in phases to screen and quarantine workers in the Klang area, about 40 km (25 miles) west of Kuala Lumpur.
The company did not give a breakdown of how many factory sites were affected by the closure of the 28 factory buildings. Top Glove previously said it had shut 16 buildings and reduced capacity at 12 more.