BANGKOK—Sri Trang Gloves (Thailand) Public Co. Ltd (STGT) is starting to invest major funds in capacity expansions to meet fast-rising demand for protective latex gloves worldwide.
The gloves maker is backed by funding from a $484 million IPO, which saw parent group Sri Trang Agro-Industry (STA) launch STGT shares on Thailand's stock exchange on July 2, 2020.
Under its investment plan, the latex and nitrile examination and industrial gloves maker aims to reach an annual production capacity of 50 billion pieces by 2022, and 80 billion pieces by 2024.
New capacity is initially due on-stream at STGT's two new Surat Thani plants during the first quarter of 2021, with a third facility set to start up in the second quarter.
STGT currently claims an 8 percent share of the global gloves market. Its annual installed production capacity was listed at 33 billion pieces as of Dec. 31, 2020.
After the IPO, STA still remains a major shareholder in the gloves-making company, with 56.2 percent in direct and indirect shareholding, the Thai group said.
