Top Glove aims for Fortune 500 list

The glove maker has been actively pursuing new markets to stimulate growth

By ALIFAH ZAINUDDIN / Pic By AFIF ABD HALIM

TOP Glove Corp Bhd, the world’s largest glove manufacturer, has set its sights to be a Fortune Global 500 entity by 2040.

The glove maker — that commands 25% of global market share — has been actively moving beyond its traditional business to venture into related industries and pursue new markets to stimulate growth.

“At 26 years of age, we are still a young, dynamic company and aggressively expanding. However, we cannot depend solely on organic growth.

“For a company of our size to expand efficiently, we must also look at non-organic growth such as mergers and acquisitions and joint ventures in related businesses with suitable partners,” executive chairman Tan Sri Dr Lim Wee Chai said at the Top Glove Global Doctors Medical and Dental Clinic launch in Setia Alam yesterday.

The Fortune Global 500 is an annual ranking of the top 500 corporations in the world based on revenue.

The current Global 500 list comprises companies that have generated US$27.7 trillion (RM118.2 trillion) in revenues and US$1.5 trillion in profits in 2016.

Ranked 184th, Petroliam Nasional Bhd is currently the only Malaysian company that holds the honour with a US$50 billion revenue and US$4 billion profit.

According to International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Malaysia exported nearly RM12 billion worth of rubber gloves last year.

“Top Glove is the leading producer of gloves in the world, with Malaysia producing two-thirds of world rubber glove production. This is one area that we are proud of,” said Mustapa who was also present at the launch yesterday.

“We believe we can maintain this position because of the expertise that we have. We remain a major producer of rubber, behind Thailand, Indonesia and Myanmar.”

Commenting on allegations made by the US administration that Malaysia had cheated in its trade deal with the world’s largest economy, Mustapa maintained that the country does not cheat and abides by regulations and terms set out by the World Trade Organisation (WTO).

“Cheating means we sell things under the counter and below market prices. We have delivered according to the rules and regulations as agreed by WTO countries.”

“We have to explain the situation because there is a big discrepancy in the numbers. Our statistics show that it is about US$5 billion in surplus, whereas the US claims it is at US$25 billion,” he said.

In March, US President Donald Trump identified 16 countries, including Malaysia, as “trade cheats” who are responsible for the US$50 bil- lion trade deficit that the US faced. The US said it will look for evidence of cheating, lax enforcement and currency misalignment.

Other countries in the list included Canada, China, France, India, Indonesia, Ireland, Italy, Japan, Germany, Mexico, South Korea, Switzer- land, Taiwan, Thailand and Vietnam.