Enviro-Hub Holdings has announced that its associate company Pastel Gloves has received the 510 (k) regulatory clearance from the United States Food & Drug Administration (FDA) for its nitrile medical grade examination gloves.
Pursuant to the FDA clearance, Enviro-Hub says it plans to start exporting its gloves to the US, where nitrile medical grade examination gloves typically command an average selling price 10%-15% higher than normal gloves due to the limited supply of medical grade gloves in the market.
“Receiving the FDA 510(k) certification shows our commitment in upholding the highest standards, and to expand our presence in the international market,” says Raymond Ng, executive chairman of Enviro-Hub.
“As a new player to the burgeoning glove manufacturing industry, Pastel Gloves is well-positioned to benefit from the current strong demand for gloves,” he adds.
Enviro-Hub had on May 21 announced that it will be acquiring the remaining 75% stake it does not already own in Pastel Glove for $46.8 million.
A total of six production lines with an expected production capacity of 1.42 billion gloves per annum are projected to be operational at Pastel Gloves by September, with further plans for expansion.
See: Enviro-Hub to acquire remaining 75% stake in Pastel Gloves for $46.8 mil
Shares in Enviro Hub closed up 0.3 cents or 3.61% higher at 8.6 cents on June 7.
Photo: Enviro-Hub Holdings
