Flexidynamic signs MoU to acquire glove former maker Formtech

KUALA LUMPUR: Flexidynamic Holdings Bhd has signed a memorandum of understanding (MoU) with HARPS Investment Asia Pte Ltd, a subsidiary of HARPS Global Pte Ltd, to acquire shares in Formtech Engineering (M) Sdn Bhd, a former glove manufacturer in Nilai, Negeri Sembilan.

In a filing with Bursa Malaysia, Flexidynamic said that under the MoU, it had planned to acquire all 8.3 million ordinary shares in Formtech, subject to a final share sale agreement.

The proposed acquisition is aimed at expanding Flexidynamic’s value chain in the glove manufacturing ecosystem and strengthening its market position through vertical integration.

This acquisition is a key move for Flexidynamic to expand in the glove manufacturing industry. Formtech, established in 2011, produces 250,000 glove formers monthly and serves over 50 customers globally. Its strong reputation makes it a trusted supplier to top glove manufacturers.

“We are excited about the prospect of bringing Formtech into the Flexidynamic family. Formtech’s well-established track record, deep technical capabilities, and strong customer relationships make it a natural fit within our long-term strategy.

“We look forward to welcoming Formtech’s talented team into our group and are confident that their expertise will strengthen our collective capacity to serve the global glove manufacturing industry. Together, we will continue to deliver best-in-class solutions while building an even more resilient and integrated supply chain,” Flexidynamic managing director Tan Kong Leong said in a statement.

Flexidynamic remains confident in the glove industry’s long-term growth, driven by rising hygiene awareness and demand in emerging markets. Higher U.S. tariffs on China-made gloves create opportunities for local manufacturers to upgrade, and Flexidynamic is ready to support this shift.