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Wednesday Dec 25, 2024
Wednesday, 29 April 2015 01:51 - - {{hitsCtrl.values.hits}}
Victory Alliance Ltd unveiled its first state-of-the-art factory on 24 March in Ratmalana. Chief Guest Minister of Trade and Commerce Rishad Bathiudeen and Deputy Minister of Housing and Samurdhi Amir Ali were present to inaugurate operations at the factory. The Group Chairman Siriyut Siriyuttapong, Managing Director Haq, CEO Izzath Ibrahim and other dignitaries, welcomed the ministers. Victory Alliance is the first company in Sri Lanka to produce industrial graft adhesives, and it has a production capacity of over 200 MT a month. The company has made an investment of more than $ 3 million on this project.
Victory Alliance Ltd partnered with companies from Thailand and China, drawing on their expertise, to introduce production of industrial adhesives to Sri Lanka. Production will mainly concentrate on adhesives consumed by the footwear, construction, automotive and furniture industry in Sri Lanka, India, Africa, Bangladesh and Pakistan. With the aim of expanding the industry of industrial graft adhesives in Sri Lanka, Victory Alliance aims to be the principal contact point for the local and foreign markets.
With initial plans to export to the Asian and African market, Victory Alliance has ambitious expansion plans for the future. The technology used will be the same as in the Thailand factory; using fully fledged and automated manufacturing systems, Victory Alliance Ltd offers the same quality and will continuously improve it for the satisfaction of local and export market customers.
The company aims to protect and facilitate the local manufacturers and as such the Government has also pledged its support and provision for the local manufacturers; which will aid in expanding the industry and growing export potential. The opening of this F-Tech adhesive factory is a vital move which is the only neoprene and graft manufacturer in Sri Lanka. The Sri Lankan footwear market currently consumes approximately 15-20 containers of imported adhesives from foreign markets every month, which is almost over 200 tons of adhesives per month, contributing to huge amounts of outward remittances of Sri Lankan rupees.
“Sri Lanka is looking forward for exploration in economic development after 30 years of civil war, in this path we have managed to start a joint venture Adhesive manufacturing plant with the largest exporters of adhesives in Thailand and China. The Thai and Chinese partners looked at Sri Lanka with the aim of making it their main export hub to Africa, India, Bangladesh and Pakistan. With this joint venture we look forward to minimising the imports of Industrial Adhesives and minimising the outward remittance of SriLankan Rupees. We look forward to being a proud contributor to the growth of the Sri Lankan economy; by being an export hub of Industrial Adhesives,” said Ibrahim. Siriyut added, “Our company has made this strategic decision to enter the Sri Lankan market with the vision to take our business to the next level and make Sri Lanka our manufacturing and exporting hub and make ‘F-Tech’ a global brand in the near future.”
This is the beginning of a great joint venture between the largest adhesive exporter of Thailand and the market leader of adhesive in Vietnam and Cambodia joining hands with a dynamic team in Sri Lanka, in setting up a fully-fledged manufacturing plant to manufacture the highest quality adhesive for the Sri Lankan market; and to make Sri Lanka the manufacturing hub to export adhesive products.
