VIENNA, Austria—After a year of precipitous decline in sales of medical gloves, Semperit A.G. Holding will sell its Sempermed business unit to Singapore-based Harps Global Pte. Ltd.
The transaction, valued at approximately $122.1 million and signed Dec. 16 in Vienna, is expected to be finalized in the second quarter of 2023.
An impairment reversal of between $31.8 million and $37.2 million for the assets of Sempermed is expected.
The Southeast Asian firm Harps Holdings typically invests in energy, property, marine, financial and biomedical products, according to the firm's Bloomberg profile. The company maintains manufacturing facilities in Malaysia.
It is unclear which Sempermed (surgical and examination gloves) facilities are part of the sale, though Semperit did say that, at least for the next "several years," its surgical glove production facility in Wimpassing, Austria, and related packaging facility in Sopron, Hungary, will not be part of the deal. Those facilities, though, will serve as a contract manufacturer supplying Harps Holdings during that period.