Hayleys invests Rs. 2.3 b to expand despite Easter Sunday setback

Monday, 30 September 2019 00:20 - - {{hitsCtrl.values.hits}}

Hayleys PLC said yesterday it was leading by example by investing over Rs. 2.3 billion across the group despite the tragic events of Easter Sunday reiterating confidence in the country’s potential.

Hayleys Chairman Mohan Pandithage

Hayleys Co-Chairman Dhammika Perera

The group’s leading producer of value-added coconut-fibre products, Hayleys Eco Solutions, committed Rs. 500 million towards enhancing its valueadded manufacturing capacity. Importantly, the sector recently invested Rs. 225 million towards the commissioning of its first Polyurethane (PU) Foam Mattress manufacturing facility.

The group’s consumer and retail segment represented by Singer Sri Lanka invested Rs. 400 million towards rejuvenation of the brand under the Hayleys umbrella.

This included Rs. 17 million for renovation of retail outlets and offices, Rs. 90 million for brand expansion and Rs. 48 million to establish new retail outlets.

Meanwhile, the group’s purification sector committed Rs. 300 million towards capacity improvement at Haycarb PLC – the group’s pioneering coconut charcoal-based activated carbon manufacturing business. Hayleys Fabric PLC invested Rs. 360 million in new machinery to fall in line with its customer expansion strategy and to improve the product mix with higher value added products. Alumex PLC progressed with investments of Rs. 57 million towards enhancing manufacturing capacity.

Similarly, the group’s globally renowned protective hand wear manufacturing business, Dipped Products PLC, invested Rs. 52 million in domestic production capacity expansion and Hayleys Agriculture’s investment commitment stood at Rs. 35 million during the same period.

“Hayleys remains resilient and committed to our growth in Sri Lanka and globally with our strategic business plans intact after the deadly 21/4 attacks that had a significant impact on Sri Lanka. The hardest hit, naturally, was our leisure sector but we remain confident that tourism will bounce back as it has in the past.

“Our confidence in Sri Lanka’s resilience and the contribution to economy is amply demonstrated by the confidence placed by the Board to approve significant capital investments including a commitment of Rs. 615 million being the largest portion of the overall investment of the group to upgrade the affected Kingsbury after the 21/4 attacks,” Hayleys Chairman and Chief Executive Mohan Pandithage stated, reflecting the confidence that permeates the entire Group.

Established in 1878 by Chas. P. Hayley as a trading house in Galle specialising in import and export, the Hayleys Group has since grown to serve as a centre piece of the Sri Lankan economy while maintaining a global presence of manufacturing and marketing offices across five regions with business interests spanning a total of 16 sectors.

Today it stands out as one of Sri Lanka’s most prominent success stories, having been the first listed Sri Lankan corporate to surpass $ 1 billion in revenue and accounting for 3.3% of the nation’s total export earnings.