Teejay Lanka PLC, the region’s largest weft knit textile manufacturing will invest US$ 38 million to intensify their operations in both Sri Lanka and India.
The company formerly known as Textured Jersey, also unveiled their new corporate brand and spelled out plans to convert themselves as US$ 300 million company in three years.
The parent company, Teejay Lanka PLC will bring its acquired entities too and will be re-banded as Teejay Prints and Teejay India. Teejay Chairman and Pacific Textiles, Honk Kong head Bill Lam said that the company was first launched sixteen years ago at a time when 99% of knit textiles were imported. “Today this has narrowed to 53% and we account for almost 20% of local production.”
He said that the GSP Plus did not have any impact on them and actually most of their investments went to the company when the concession was not in force. Teejay CEO Sriyan de Silva Wijeyeratne said the rebranding was aimed at creating a unique modern brand which reflected the dynamism and energy of their combined team. “The new Teejay logo and brand is more in line with our new persona as a group; it is a new birth for a youthful company.”
“We also want to improve on our digitalisation, R&D, new machinery and other areas including carbon neutral products.”
“We have a combination of European, Indian, Chinese and Sri Lankan talentand now these employees become part of a global corporation. We want to develop the notion of servicing in manufacturing by creating bonds that really matter.”
Non Executive Director Hasitha Premaratne said they also don’t see a major threat with the implementation of ETCA with India. “It may open new opportunities to for us as we may be able to thrust into the mass Indian domestic apparel market.”
He also said that the some of the taxes were taken off in the budget and this argurs well for the industry. In addition the Colombo Port expansion has really helped to reduce vessel time by great deal which is very encouraging.”
He also said that though countries like Bangladesh are intensifying their apparel sector they will not be a major threat to Sri Lankan niche market since they (Bangladesh) don’t have capital to invest in areas where Sri Lankan apparel sector is focusing on. “The competition for Sri Lanka is from China and Vietnam.”
Teejay’s has also been named among the Forbes 2016/17, Best 200 Asian companies under a billion. The Group is backed through shareholding by Pacific Textiles, a Hong Kong based company with one of the largest manufacturing facilities in China and Brandix Lanka.
Add new comment