Sumary of MIDF Research sees US seize order on Top Glove harming manufacturer’s sales, earnings in North America:
- — Reuters pic KUALA LUMPUR, April 9 — The United States’ Withhold Release Order (WRO) on Top Glove Corporation Bhd is expected to have a negative impact on the rubber glove manufacturer sales in the North America markets, MIDF Research said..
- It noted that Top Glove had recently said its rubber gloves average selling price (ASP) would be adjusted by about five per cent to match the current market prices..
- Yesterday, Top Glove held a briefing to update on the improvement it has made based on the findings of the International Labour Organisation (ILO) forced labour indicators..
- It said that it would continue to rectify existing issues so that the US Customs Border Protection (CBP) would modify or revoke the WRO..
- “In the second quarter financial year 2021 results’ briefing, the group highlighted that nitrile glove ASP is expected to decline by between three to five per cent month-on-month or adjusted down to be in line with peers…