Dipped Products
Sri Lankan manufacturer of industrial, household, medical and other protective rubber gloves, with additional interests in plantations.
Last updated August 24, 2026
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Overview
Dipped Products PLC is a Sri Lankan rubber-glove manufacturer and a publicly listed company on the Colombo Stock Exchange. Incorporated in 1976 as Dipped Products Ltd, it began trial production in 1977 and joined the Colombo Stock Exchange in 1983. Its core business is the production of dipped rubber gloves for industrial, household and medical-related applications, while the broader business also includes plantation interests involving rubber and tea. The company developed its manufacturing capacity progressively after incorporation and became part of the Hayleys business network. Hayleys is the effective controlling shareholder of Dipped Products, linking the glove manufacturer to one of Sri Lanka’s major diversified corporate groups. Dipped Products is also associated with the Sri Lankan capital market through its listing and inclusion among the components of the S&P Sri Lanka 20 Index. The company was ranked 26th in LMD 100, a Sri Lankan ranking of quoted companies by revenue, although the ranking relates to a particular reporting period and should not be treated as a current position without updated evidence. Dipped Products operates a manufacturing network consisting of four facilities in Sri Lanka and one in Thailand. Its international expansion included the acquisition of Italian company Icoguanti S.p.A. in 2002 and the establishment of Dipped Products (Thailand) in 2003. These moves extended the company’s production and market reach beyond Sri Lanka. The company describes itself as one of the leading non-medical rubber-glove manufacturers globally, and the reference material attributes approximately 5% of the global non-medical rubber-glove market to it; the precise basis and reporting date for that market-share estimate are not specified here. The COVID-19 pandemic created both demand and operating pressure for the company. The global call for increased personal protective-equipment production supported glove demand, while higher transport and administrative costs contributed to weaker second-quarter earnings in 2021. Dipped Products also benefited from orders redirected following United States import action against two subsidiaries of Top Glove over forced-labour allegations, although the available material does not quantify the resulting contribution to revenue or profit. In 2022, the company announced an expansion into sports and mechanic gloves. It committed approximately LKR 1 billion to a new production facility in the Biyagama Export Processing Zone under a Board of Investment project. This initiative represented an effort to broaden the product portfolio beyond traditional industrial and household glove categories. Dipped Products also maintains plantation exposure. The business received management responsibility for Kelani Valley Plantations in 1992 and acquired the company in 1995. In 2011, it acquired 66.7% of Hayleys Plantation Services, the holding company of Talawakelle Tea Estates PLC. In March 2023, DPL Plantations, a sub-subsidiary of Dipped Products, acquired a 51% stake in Horana Plantations PLC from Vallibel Plantations Management Ltd for LKR 700 million. The company’s reported revenue reached LKR 46.39 billion in 2021, described in the reference material as its highest-ever revenue at that time. Dipped Products therefore combines an export-oriented protective-glove manufacturing business with plantation operations, a Sri Lankan public-market presence and strategic ties to Hayleys. Current operational scale, management, ownership percentages and financial performance beyond the cited periods require verification from the latest company disclosures.
History
Dipped Products was incorporated in Sri Lanka in 1976 as Dipped Products Ltd. The business began trial production in 1977, establishing the manufacturing base from which it later developed an international rubber-glove operation. It became a public company through its listing on the Colombo Stock Exchange in 1983. After listing, the company expanded production capacity over successive years and strengthened its position in the export-oriented protective-glove industry. The company’s development was not limited to glove manufacturing. In 1992, the Sri Lankan government awarded management of Kelani Valley Plantations to the company, and Dipped Products acquired the plantation business in 1995. This created a plantation dimension alongside the industrial manufacturing operation. The broader portfolio subsequently included rubber and tea interests, connecting the company’s activities to Sri Lanka’s plantation economy. Dipped Products began international expansion in the early 2000s. It expanded into Italy through Icoguanti S.p.A. in 2002 and established Dipped Products (Thailand) in 2003. The Thailand operation became part of a manufacturing network that, according to the reference material, includes four facilities in Sri Lanka and one in Thailand. These international steps supported the company’s participation in global glove markets while retaining Sri Lanka as its principal operating base. In 2011, Dipped Products acquired 66.7% of Hayleys Plantation Services, the holding company of Talawakelle Tea Estates PLC. The transaction increased the company’s exposure to plantation assets and further connected it with Hayleys, the Sri Lankan conglomerate identified as its effective controlling shareholder. Dipped Products has remained a listed company and has been included among the constituents of the S&P Sri Lanka 20 Index. The COVID-19 period brought unusually strong attention to protective equipment. International requests for higher personal protective-equipment output increased the strategic importance of glove manufacturing, while logistics and administrative-cost inflation affected profitability. In 2021, Dipped Products reported revenue of LKR 46.39 billion, described as its highest-ever revenue in the available reference material. It also received diverted orders following United States import restrictions affecting two Top Glove subsidiaries, though the available source does not provide a detailed breakdown of the financial effect. The business continued broadening its product scope in 2022 by announcing plans to produce sports and mechanic gloves. A new facility in the Biyagama Export Processing Zone was planned under a Board of Investment project, with an announced investment of approximately LKR 1 billion. This move sought to add specialized end uses to the company’s established industrial and household glove activities. Dipped Products continued to expand its plantation interests in 2023. DPL Plantations, identified as a sub-subsidiary, acquired 51% of Horana Plantations PLC from Vallibel Plantations Management Ltd for LKR 700 million. The transaction reinforced the group’s dual profile: a global-facing rubber-glove manufacturer and an investor in Sri Lankan plantation businesses. The company has also encountered local environmental and community-related challenges. In 2014, protests by residents in Weliweriya preceded the relocation of the Venigros factory to Biyagama. In 2015, proceedings concerning alleged pollution involved Hanwella Rubber Products Ltd, with the Avissawella High Court upholding a decision that permitted continued operations. The available material does not establish a finding of corporate wrongdoing by Dipped Products itself beyond describing the legal controversy. Further details on present facilities, leadership, ownership, product brands and financial performance should be checked against current annual reports and regulatory filings.
- 2023
Horana Plantations acquisition
[1]DPL Plantations acquired a 51% stake in Horana Plantations PLC for LKR 700 million.
- 2022
Sports and mechanic glove expansion
[1]The company announced plans to enter sports and mechanic glove production and to build a new Biyagama facility.
- 2021
Reported record revenue
[1]Revenue reached LKR 46.39 billion, described in the reference material as the company’s highest-ever revenue at that time.
- 2011
Plantation-services investment
[1]The company acquired 66.7% of Hayleys Plantation Services, the holding company of Talawakelle Tea Estates PLC.
- 2003
Thailand expansion
[1]Dipped Products established Dipped Products (Thailand).
- 2002
Italian expansion
[1]The company expanded overseas through Icoguanti S.p.A. in Italy.
- 1995
Kelani Valley Plantations acquisition
[1]Dipped Products acquired Kelani Valley Plantations.
- 1992
Management of Kelani Valley Plantations
[1]The Sri Lankan government awarded the company management responsibility for Kelani Valley Plantations.
- 1983
Colombo Stock Exchange listing
[1]Dipped Products became a public company through a listing on the Colombo Stock Exchange.
- 1977
Trial production begins
[1]The company commenced trial production of rubber gloves.
Products and positioning
An export-oriented Sri Lankan manufacturer of dipped rubber gloves, positioned around industrial and household protection, with expanding applications in sports and mechanical work.
Industrial protective equipment
Industrial rubber gloves
Industrial gloves are a core part of Dipped Products’ manufacturing business. They are intended for workplace protection and handling applications where resistance to contact, abrasion or other industrial hazards is required. The available reference material identifies the company as a major non-medical rubber-glove manufacturer but does not provide a complete current catalogue or detailed specifications for individual product lines.
Household protective equipment
Household rubber gloves
Household gloves form another established product category. These gloves are designed for domestic cleaning and related tasks requiring hand protection. The source material confirms the category but does not identify individual consumer brands, materials, sizes or distribution channels.
Medical protective equipment
Medical and examination gloves
Dipped Products manufactures gloves described broadly as medical gloves. The company’s protective-equipment activity became especially relevant during the COVID-19 pandemic, when demand for gloves and other personal protective equipment increased. Specific certifications, product formulations and current medical product names are not established by the supplied material.
Sports protective equipment · 2022
Sports gloves
Sports gloves were identified as a new area of expansion announced in 2022. The planned Biyagama facility was intended to support production for this category. The available sources do not specify the sports disciplines, product names or commercial launch date.
Work and mechanic protective equipment · 2022
Mechanic gloves
Mechanic gloves were included in the company’s 2022 expansion plans. The category extends Dipped Products’ protective-glove offering toward automotive servicing, maintenance and other mechanical work. Detailed construction, performance claims and final market availability are not specified in the supplied reference.
Controversies
2015
Pollution-related proceedings involving Hanwella Rubber Products
Police filed a case against Hanwella Rubber Products Ltd over pollution allegations. The Avissawella High Court upheld the magistrate court’s decision permitting the factory to continue operations. The supplied material does not provide enough detail to establish the precise legal relationship between the entity in the case and Dipped Products PLC.
2014
Venigros factory protests and relocation
The Venigros factory in Weliweriya was forced to close after protests by local residents, after which Dipped Products moved the operation to Biyagama.
Brand decisions
2023
Acquire majority stake in Horana PlantationsM&ABackground
DPL Plantations pursued additional plantation exposure within the Dipped Products group.
Action taken
DPL Plantations acquired 51% of Horana Plantations PLC from Vallibel Plantations Management Ltd.
Aftermath
The transaction expanded the group’s plantation holdings. The supplied material does not provide subsequent operating results.
Acquisition consideration. LKR 700 million (March 2023)
2022
Enter sports and mechanic glove marketsStrategyBackground
Dipped Products sought to broaden its product mix beyond established industrial, household and medical-related glove categories.
Action taken
The company announced plans to produce sports and mechanic gloves and invest approximately LKR 1 billion in a new Biyagama Export Processing Zone facility under a Board of Investment project.
Aftermath
The available material confirms the announcement and planned investment but does not establish the facility’s completion date, production volumes or financial results.
Announced investment. LKR 1 billion (2022 announcement)
Sources2 sources
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