SOLOMON LABA FAMILY

THE SOLOMON LABA FAMILY

$350 Million

LATEX FOAM RUBBER PRODUCTS 

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Wealth: SELF MADE, MATTRESSES

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Known For: LATEX FOAM

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OVERVIEW

Siblings Aid Solomon Laba and Nowfill Solomon Laba, both Ghanaians of Lebanese descent started Latex Foam Rubber Products in 1969. The company is Ghana’s oldest foam manufacturing company and is the largest in the industry. Prior to the establishment of Latex Foam Rubber Products, Aid and Nowfill traded in general merchandise. They also had business interests in pipes, plastics and information technology and established the companies Pipes and Plastic Products Limited and Moonbeam.

Latex Foam Rubber Products entered the market using the Dunlop Technology under license from the Dunlop Company. The technology gave Latex Foam Rubber Products a quality advantage in the rather traditional market of that time. In 1972 the company started the production of spring interior mattresses. In 1974 production capacity was increased to 300 spring mattresses a day. The company introduced high-density foam mattresses and super-soft foam for furniture upholstery in 1992 and reinforced spring mattresses and sofa beds in 1994.

In 1996 the company established another factory in Kumasi as well as depots in all the regional capitals in Ghana. The company also introduced several types of pillow, including back care pillows, cushions and leg rests.

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NET WORTH SUMMARY

Latex Foam Rubber Products established two factories in Niger and Burkina Faso in 2001 and 2002, respectively. Its pocketed-spring and nested-spring products were introduced onto the market in 2006 and the company was the first to produce such products in West Africa. The company employs over 500 people and  is the largest manufacturer of foam products in Ghana. 

Latex Foam Rubber Products became the first to produce high resilient foam mattresses on the Ghanaian market in 2007 with the introduction of its Ultraflex mattress. The company introduced an anti-stress mattress in 2010 and it was the first company in West Africa to produce viscoelastic (memory) foam mattresses. The company exports to Togo, Ivory Coast, Mali and Benin.

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