Environmental company recently acquired healthcare supply company Pastel Gloves as part of enhanced healthcare emphasis. FDA 510(k) Clearance for its Nitrile Medical Grade Gloves; Looks to Expand Footprint into United States
SINGAPORE / KUALA LUMPUR, MALAYSIA - Media OutReach - 8 June 2021 -
With the global medical supplies market anticipated to reach US$133.5 billion by 2025, according to recent reports, healthcare products are projected to become the key revenue source for Enviro-Hub (SGX: L23), which recently acquired Pastel Gloves to move into the healthcare supplies market. Enviro-Hub invested in Malaysia-based Pastel Gloves, which manufactures and trades FDA 510(k) certified medical-grade nitrile gloves, earlier this year as its initial foray into the healthcare industry.
"As we continue to streamline our businesses and bolster our presence in the healthcare sector, Enviro-Hub anticipates exponential profit growth and additional opportunities for capital optimization," said Raymond Ng, Executive Chairman of Enviro-Hub. "Unlike many healthcare businesses that grew during the pandemic, Pastel Gloves is positioned to thrive well into the future, thanks to its solid founding, exceptional leadership and strong supply chain. And receiving the FDA 510(k) certification, shows our commitment in upholding the highest standards, and to expand our presence in the international market."
As Enviro-Hub hones its corporate focus in 2021, the company aims to recycle capital to take advantage of a higher return on investment opportunities and to expand across the supply chain for healthcare products through additional mergers and acquisitions. Enviro-Hub recently streamlined from four segments to two, leaving properties and piling to concentrate on recycling and healthcare. Based on the Pastel Gloves deal alone, Enviro-Hub may reap strong net profit annually once production capacity is fully ramped up.
"In addition to the immense healthcare market, we also are expanding our focus on recycling of e-waste as Singapore's leading service provider," added Enviro-Hub Chief Investment Officer Adrian Toh. "Recycling of e-waste provides a perfect synergy with our new healthcare emphasis as it removes harmful substances from the environment and promotes better health and greater sustainability locally and nationally."
Singapore generates about 60,000 tons of e-waste per year, which is only expected to grow along with stronger spending power and the wealth of new technology. Recognized globally for its state-of-the-art technology, Enviro-Hub also serves Asia, Europe and the Pacific with management of electronic waste and conversion of waste plastics to fuel oil.
With a vision of inspiring the landscape with iconic property developments and continuing to restore the environment with technology and solutions, Enviro-Hub is based in Singapore with a diverse portfolio that spans trading, recycling and refining of e-waste and metals, construction, property investments and management estate, among others. In 2021, Enviro-Hub diversified into the healthcare business with its acquisition of Malaysian glove manufacturer Pastel Gloves. For more information, please visit http://www.enviro-hub.com