Dipped Products fully acquires Italian marketing arm for Rs.535mn

Dipped Products PLC, the nonmedical glove manufacturer of Hayleys group, has fully acquired its marketing arm in Italy. As per Dipped Products annual report, the company held 61 percent stake in its Italian marketing arm, Icoguanti S.P.A, based in Genova, Italy. Dipped Products said it invested Rs.535 million to acquire the remaining stake and Icoguanti S.P.A, which is now a fully-owned subsidiary of the company.

For the year ended March 31, 2016 (FY16), Dipped Product’s net profit fell 69 percent year-on-year (yoy) to Rs.345.7 million with the revenue falling as much as 21 percent yoy to Rs.21.9 billion amid intensified competition with the entrance of new players. The company also has operations in Indonesia and Thailand.