RONKONKOMA, N.Y. (Oct. 17) — Lakeland Industries Inc. has agreed to acquire the assets and operations of RFB Latex Private Ltd.´s industrial glove business, based in New Delhi, India, for a purchase price of $2.75 million, subject to certain adjustments after an audit.
RFB makes supported and unsupported radiation protection gloves and flock lined gloves made from various elastomers — including latex, nitrile and butyl — for the worldwide industrial hand safety market. The deal is due to go through after a one-year interval.
According to Lakeland, RFB specializes in technologically advanced gloves used to protect against hazardous chemicals and to suit end-user safety needs. The worldwide market for these types of gloves is about $1 billion.
Lakeland will add the new range of products to its existing Kevlar and Spectra String Knit lines. The company said the addition will complete its line of higher technology/higher margin gloves used for protection from cuts, heat and chemicals in the industrial work place.