Dipped Products, a subsidiary of the Hayleys Group, last week announced that it acquired the remaining stake of Italian glove marketer Icoguanti SpA for Rs. 535 million.
With this purchase, Icoguanti, which was a 6O percent owned subsidiary, has now become a wholly owned subsidiary of Dipped Products, the company said in a stock exchange filing.
Dipped Products initially acquired 55 percent of the Italian company in 2002 for 81 million rupees funded entirely from the company’s export earnings.
Icoguanti is a Genoese company that was set up in 1968 to import and distribute gloves made in Spain and it is today one of the leading companies specializing in the rubber glove sector.