Friday Nov 15, 2024
Friday Nov 15, 2024
Saturday, 26 February 2022 01:22 - - {{hitsCtrl.values.hits}}
Associated Advanced Rubbers Chairman Shazni Kamardeen (left) accepts the agreement from BOI Chairman Raja Edirisuriya while Associated Advanced Rubbers Managing Director Muhammed Arshad Iqbal and BOI Director General Renuka Weerakone look on
The Board of Investment (BOI) has entered into an agreement with Associated Advanced Rubbers Ltd. (AAR), to manufacture advanced rubber material for direct and indirect export.
The project will commence with an initial investment of $ 5.85 million and will establish its manufacturing facility in Gatahetta, Avissawella.
The agreement between BOI and Associated Advanced Rubbers Ltd., was signed by BOI Chairman Raja Edirisuriya, AAR Chairman Shazni Kamardeen and AAR Managing Director Muhammmed Arshad Iqbal.
AAR will set up its facility in an area that is concentrated with plantation crops of natural rubber occupying a total population of nearly 5,000. The facility is intended to be equipped with 100 KW of solar power, state-of-the-art research and development (R&D) laboratory, and high-end technology capable of innovating advanced sustainable rubber materials. The range of products from AAR’s portfolio include Epoxyprene rubber, low protein rubber, liquid rubber, grafted rubber, granulated rubber, partially vulcanised rubber, thermoplastic rubber and technically specified rubber.
AAR was established in 1950 and is immensely contributing to enrich people’s lives through innovative solutions by devoting wholehearted energies and high-end technology that adds value to the precious crude rubber.
“We congratulate the company’s leadership for diversifying new products into export markets including Europe, Asia, South Africa and the US while making a significant contribution to the country’s economy. BOI is confident that this new establishment will provide gainful opportunities to the country as well as the improvement of rural infrastructure and livelihoods,” Edirisuriya said.
