KUALA LUMPUR, Malaysia—Fintec Glove has hired engineering group Pasukhas to build a plant capable of manufacturing more than 3 billion nitrile medical gloves per year.
Equipped with 14 dipping lines, the $14.8 million facility will supply European markets under a deal with distributor Robayu Corp.
Construction work was scheduled to start on Feb. 1, with production set to begin just six months later. The plant will be located on a 4.6-acre area of land in Ipoh.
Fintec Glove's manufacturing capacity will reach 32,000 gloves per hour and is projected to exceed 3.3 billion gloves per year, according to the Malaysian investment group.
Distributor Robayu will supply 42 million units of medical-grade examination gloves per month to Poland and Eastern Europe, starting in the third quarter of 2021.
Given current strong demand, Fintec Glove expects to recuperate capital costs within three years, assuming the average selling price of each unit remains high. Medical gloves are selling for 12 cents each, the result of short supply due to the pandemic, the company said.