Consumer safety clothing manufacturer Lakeland Industries Inc announced that it has closed on a one-year Supply Contract and Option Contract to acquire the assets and operations of RFB Latex Private Limited's Industrial Glove Business (RFB) of New Delhi, India, after one year for a purchase price of $2,750,000 million, subject to certain adjustments after an audit.
RFB is a manufacturer of radiation protection gloves, supported (gloves with a cotton or other fabric liner), unsupported (gloves with no liner), and Flock Lined Gloves coated with Latex, Nitrile, Rubber, Butyl or combinations thereof and other compounds for the worldwide industrial hand safety markets.
RFB specializes in technologically advanced gloves usually used to protect against hazardous chemicals (Solvex Gloves) to suit end user safety needs, coupled with quality, service, price and delivery.
The market for these types of gloves worldwide is approximately $1 billion dollars. The addition of this Solvex Line of Gloves to our Kevlar and Spectra String Knit Lines will complete Lakeland's Glove line in higher technology/higher margin gloves used for protection from cuts, heat and chemicals in the industrial work place.
Leading Indian gloves company RFB LATEX LIMITED is handling three business segments. 1. Professional Health Care- Surgeons' Gloves, 2. Occupational Health Care- Industrial Hand Protection Gloves and 3. Consumer Health Care- Household Gloves business
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