Business

Hemas acquires Atlas, a popular brand of school and office needs

19 January 2018 - 1151   - 0


Hemas Holdings PLC has acquired 75.1 per cent of Atlas Axillia Co (Pvt) Ltd, Sri Lanka’s leading school and office brand, for a consideration of Rs. 5.7 billion. The existing shareholders of Atlas will retain a stake of 24.9 per cent in the company post-acquisition, Hemas announced on Friday in a media release. 

Nirmal Madanayake, Managing Director of Atlas Axillia Co. said, “Atlas Axillia is on a great journey of growth and we were keen to take our organisation to the next level.   We went through a rigorous process to find the right partner, and we saw a great business and cultural fit with Hemas. Both our organisations have a rich history of bringing loved brands to Sri Lankan homes and have served the Sri Lankan consumer with high quality, affordable and innovative products. I am deeply proud of the Atlas journey over the past 58 years and of the place that this brand holds in Sri Lankan consumers’ hearts.  As we embark on the next phase of growth, we are delighted to have a high quality partner with similar values.” 

Steven Enderby, Group CEO of Hemas Holdings PLC, said the group is expanding its presence in the Sri Lankan consumer market by acquiring one of the most respected local brands with market leading positions for its notebooks, pens, pencils and colour products.

Atlas will become the third largest business in the Hemas Group and will operate independently as a subsidiary of Hemas Holdings PLC.  Hemas said it aims to continue to drive Atlas’ excellent track record of sales growth; and strengthen its market leading position, highly effective lean manufacturing and enviable dividend track record. “The group will cross-fertilise brand and marketing insights between the business and its Home and Personal care portfolio as well as deliver route to market excellence through our two significant island wide sales and distribution networks. In addition, Hemas will look to reduce funding costs and enhance talent attraction and development at Atlas,” the release added. 

Atlas Axillia Co., formerly known as Ceylon Pencil Company (Pvt) Ltd. was founded in 1959 by the Madanayake family. The company is the market leader in school stationery and notebooks, pens, pencils and colour products, with products retailed in over 70,000 outlets across Sri Lanka. 

  Comments - 0

  • Leave a comment

Top Stories

Bond Commission, PRECIFAC reports debate postponed indefinitely

Parliament sittings were adjourned after 40 minutes today after it was decided to indefinitely postpone the debate on the Bond Commission and PRECI...

20 February 2018 - Views : 27

Leadership training program for principals halted following tragic death

20 February 2018

PC Delimitation report handed over

20 February 2018

Foreign construction workers outshine local counterparts

20 February 2018



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Jaffna Festival back at the Cinnamon Grand

Cultural extravaganza, Jaffna Festival is back at the Cinnamon Grand Hotel. Visitors to the Cinnamon Grand&rsquo...

Maha Shivarathri: Religious observances by night

As Hindu devotees celebrated Maha Shivarathri throughout the island yesterday our photographer captured these images ...

Positive Living with PD : Support group for those living with Parkinson’s, their care-givers and families

Positive Living with PD – a support group meeting will be held on February 14 at 6 p.m. at the Methodist Church...

Come, support the small wild cat at ´Fishing Cat February´

Help celebrate Fishing Cat February, a month dedicated to the water loving feline, by joining the Small Wild Cat R...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">