MSC Industrial tackles glove trouble as U.S. pandemic treatment imports slip

China 2673 Coronavirus 458 Health Care 280 Malaysia 105 Quote Watch 284 Thailand 112 U.S. 4748

MSC Industrial has taken a write-down on a prepaid order of rubber gloves, likely linked to Top Glove, as the firm has found that U.S. supply chains for nitrile gloves are “under extreme pressure” according to CEO Erik Gershwind. U.S. seaborne imports linked to Top Glove fell by 65.5% year over year in Q4’20 compared to the three months to July 31 as a result of a forced-labor focused Withhold Release Order put in place by U.S. Customs. MSC’s challenge comes as total U.S. imports of PPE by all importers have declined with an 11.0% year over year slide in November versus October and a 55....

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