Strategic Acquisition Marks Strategic Move Towards Upstream Integration in the Glove Industry
KUALA LUMPUR, 19 JUNE 2025 – Flexidynamic Holdings Berhad (“Flexidynamic” or the “Company”), an established solutions provider for the rubber glove manufacturing industry, has entered into two Share Sale Agreement (“SSAs”) with HARPS Investment Asia Pte. Ltd. (“HIA”) and separately with two minority shareholders for the acquisition of 100% equity interest in Formtech Engineering (M) Sdn. Bhd. (“Formtech”), a prominent glove former manufacturer based in Nilai, Negeri Sembilan.
Under the terms of the SSAs, Flexidynamic will acquire the entire issued share capital of Formtech, comprising 8,300,000 ordinary shares. This acquisition forms part of Flexidynamic’s strategic plan to enhance its upstream capabilities and expand its footprint within the glove manufacturing supply chain.
Founded in 2010, Formtech has established itself as a reputable manufacturer of ceramic glove formers for both surgical and examination gloves. The company also offers a range of energy-efficient and coated former types. Backed by a dedicated technical team and strong customer relationships across Malaysia and the region, Formtech has carved out significant brand equity within the glove manufacturing supply chain.
Mr. Ben Sin, Deputy Managing Director of Flexidynamic Holdings Berhad, shared, “This acquisition marks a key milestone in Flexidynamic’s long-term strategy to deepen our vertical integration within the glove manufacturing ecosystem. We believe Formtech’s expertise and established presence in glove former manufacturing complement our existing strengths, and we are excited to explore the potential synergies this could bring to the Group. Most importantly, we look forward to welcome Formtech and its dedicated employees into the Flexidynamic family as we continue our journey of sustainable growth together.”
Flexidynamic views this acquisition as a strategic opportunity to strengthen its upstream position and capitalise on the recovering glove industry. The move aligns with the Group’s vision to deliver end-to-end engineering and manufacturing solutions across the glove production value chain.
In addition to the upstream expansion, Flexidynamic is also progressing with plans to roll out gamma radiation sterilisation services via its 51%-owned subsidiary, Gammatech Sdn. Bhd. This new segment is poised to serve not only glove manufacturers but also high-potential sectors such as pharmaceuticals, food processing, and packaging. Through strategic integration and diversification, the Group continues to chart a path of sustainable value creation for its stakeholders.
ABOUT FLEXIDYNAMIC HOLDINGS BERHAD
Founded in 2012, Flexidynamic Holdings Berhad has established itself as a pivotal solutions provider in the rubber glove manufacturing sector, with a significant market presence in countries like Vietnam, Indonesia, and Sri Lanka, supported by strategic offices in Malaysia and Thailand. From its inception focusing on chlorination systems for powder-free glove production, Flexidynamic has expanded its product range and geographical footprint, particularly after the strategic acquisition of Flexidynamic Engineering Co. Ltd. in Thailand in 2018. This acquisition bolstered its support for overseas operations, mainly in the Southeast Asia region. With a relentless focus on innovation and a strong support base, Flexidynamic Group is poised for further growth, leveraging its expertise to venture into new markets and sectors.
For more information, visit https://flexidynamic.com/.
