Dipped Products PLC is a
rubber glove
A rubber glove is a glove made out of natural rubber or Synthetic rubber. The term ‘rubber’ refers to durable, waterproof and elastic material made from natural or synthetic latex. Rubber gloves can be unsupported (rubber only) or supported ( ...
manufacturer in
Sri Lanka
Sri Lanka (, ; si, ශ්රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...
. The company also manages rubber and tea plantations. The company was incorporated in 1976 and listed on the
Colombo Stock Exchange
The Colombo Stock Exchange (CSE) ( si, කොළඹ ව්යාපාර වස්තු හුවමාරුව, translit=Kolamba Vyapara Vasthu Huvamaruva; ta, கொழும்பு பங்கு பரிவர்த்தனை) i ...
in 1983. The company is one of the components of the
S&P Sri Lanka 20 Index. Sri Lankan conglomerate,
Hayleys
Hayleys PLC, founded in 1878, is a multinational and diversified conglomerate company in Sri Lanka with business spanning over 16 sectors, catering to 70 markets worldwide. Hayleys accounts for approximately 4.2% of Sri Lanka's export income, a ...
is the effective
controlling shareholder
A controlling interest is an ownership interest in a corporation with enough voting stock shares to prevail in any stockholders' motion. A majority of voting shares (over 50%) is always a controlling interest. When a party holds less than the majo ...
of Dipped Products. The company was ranked 26th in ''
LMD 100'', an annual list of quoted companies in Sri Lanka by revenue.
History
The company was incorporated in 1976 as Dipped Products Ltd and commenced trial production in the following year. Dipped Products became a
public company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...
when it is listed on the Colombo Stock Exchange in 1983. The company expanded its production capacity in successive years since its incorporation. Management of Kelani Valley Plantations was awarded by the government in 1992 and in 1995 the company acquired it. The company expanded overseas with Icoguanti
S.p.A., Italy in 2002 and Dipped Products (Thailand) in 2003. In 2011, Dipped Products acquired 66.7% of the ownership of Hayleys Plantation Services which is the holding company of Talawakelle Tea Estates PLC.
The company recorded its highest-ever revenue in 2021 with a revenue of LKR46.39 billion.
Operations
Dipped Products is one of the five leading non-
medical rubber glove manufacturers in the world. The company's market share of the global market accounts for 5%.
Upon declaration of the COVID-19 pandemic, the
World Health Organization
The World Health Organization (WHO) is a specialized agency of the United Nations responsible for international public health. The WHO Constitution states its main objective as "the attainment by all peoples of the highest possible level of h ...
requested to increase the production of
personal protective equipment
Personal protective equipment (PPE) is protective clothing, helmets, goggles, or other garments or equipment designed to protect the wearer's body from injury or infection. The hazards addressed by protective equipment include physical, elec ...
(PPE) by 40% from the industry and the governments. Gloves were on the list of this request and it created both
an opportunity and a challenge for the company. Dipped Products have five manufacturing facilities, four in Sri Lanka and one in Thailand. In 2022, the company announced that they are venturing into sports and mechanic gloves production. To this effect, the company invested an LKR1 billion to construct a new manufacturing facility in
Biyagama
Biyagama ( si, බියගම, ta, பியகம) is a suburb in Gampaha District, situated in the Western Province of Sri Lanka. It is 12 miles from Colombo. A Free Trade Zone was established in Biyagama in 1985.
"Kaduwela" interchange of expr ...
Export Processing Zone as a
BOI project.
Dipped Products benefitted from the diverted orders after the United States ban on imports from two subsidiaries of
Top Glove
Top Glove Corporation Berhad is a Malaysian rubber glove manufacturer who also specialises in face masks, dental dams, and other products. The company owns and operates 50 manufacturing facilities in Malaysia, Thailand, China, and Vietnam. The ...
on charges of forced labour. The company's 2021 second-quarter earnings declined due to sharp rise in transportation and administrative costs.
Controversies
In 2014, Dipped Products moved its Venigros factory in Weliweriya to Biyagama after the factory was forced to close after protests by the local residents. In 2015, a factory of Dipped Products was embroiled in allegations of pollution lawsuit. The Police filed a lawsuit against Hanwella Rubber Products Ltd and the Avissawell High Court upheld the verdict of the magistrate court allowing the factory to continue with its operations.
See also
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References
External links
Official website
{{All Share Price Index
1976 establishments in Sri Lanka
Chemical companies established in 1976
Companies listed on the Colombo Stock Exchange
Companies established in 1976
Holding companies of Sri Lanka
Gloves