Protective wear company Lakeland Industries said it will purchase the industrial glove assets of Indian firm RFB Latex for about US$3.4m.

Lakeland may now liquidate its existing Indian subsidiary and expects an after-tax operating loss of about $260,000 related to this in the third quarter. 

The company, which may establish a new subsidiary to close the transaction, expects to start shipping gloves to the US from 2007 onwards.