|End-of-day quote - 01/19|
Top Glove Bhd : Malaysia's Top Glove says virus outbreak may push prices up
|11/25/2020 | 04:20am|
The company said it shuttered 20 of its factories in an area outside
“Of course, there is some shortage as
The company, which accounts for about a quarter of global supply, has said it expects between two and four weeks of delays in some deliveries and estimated a 3% impact on projected annual sales for the 2021 financial year.
Managing director Lee Kim Meow told the news conference that there have been no order cancellations so far. He said priority will be given to hospitals and essential services amid the shortage, and voiced confidence that the issue will be resolved quickly.
The area in Klang where
The health ministry said cases have spread from the factories to the wider community.
The company said some 6,000 workers have been screened, with a few thousands more to undergo testing by the end of this week.
Lim dismissed concerns of contamination, saying that workers have no direct contact with the gloves, with the production lines fully automated, and that the high heat in the ovens would kill the coronavirus.
He said his team was taken by surprise by Human Resources Minister
“I have visited the hostels and the conditions are terrible. My officers were ordered to go in full force as this is a big, vulnerable migrant worker colony. If we don’t act, this cluster might get out of control," Saravanan reportedly told a local newspaper this week. An aide to the minister confirmed his comments to The Associated Press.
Lim said he was puzzled as to why the minister changed his tune because he had given approval during a visit to
“Since the minister’s visit, our housing condition has continued to improve ... because we pour in more money to improve facilities and we want to do it quickly. So it came as a big surprise when such comments were made," he said, adding that the company will seek clarification.
It employs a total of 21,000 workers in its 41 factories in
that glove prices may go up due to supply disruptions as it had
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