CEAT Sri Lanka which increased its after-tax profits by more than five times in 2010 over the the previous year of Rs 5.4 billion, this week unveiled a new logo which it calls an ‘evolutionary rebranding ‘ that reflects the rapid growth it has achieved in Sri Lanka over the past 24 months.
Randeep Narang, Managing Director, CEAT Sri Lanka at the launch of the CEAT new logo in Colombo said that its export revenue grew by 96% and continues to be steady in the current year, during which the company penetrated new markets like Egypt, Syria, Cambodia, Nigeria, Singapore, Dubai and Vietnam.
He said that CEAT’s market shares in the truck and light truck, three-wheeler and radial segments have grown to 59%, 39% and 18% respectively, adding that it is the single highest selling brand in these categories. Alongside these achievements, the brand had emerged as a major sponsor of sports with partnerships with Sri Lanka Cricket and the Sri Lanka Association of Racing Drivers and Riders, Mr Narang said. Mr Narang said that Sri Lanka Cricket Captain Kumar Sangakkara has accepted the role of ‘CEAT Brand Change Envoy’ for CEAT’s repositioning helping the company capture the attention and imagination of its dealers, suppliers and customers across all product segments.