Business Times

Parquet to invest in a crushing plant

By Duruthu Edirimuni Chandrasekera

Having invested in an aluminum company last year, Parquet (Ceylon) PLC (Parquet) has plans to buy a mortar and grout production plant this year, officials said.

“We’ll be investing in a crushing plant worth Rs. 40 million to be placed at the Balummahara factory,” Mahendra Jayasekera, Managing Director – Parquet, told the Business Times. He said this was done in a bid to increase Parquet’s grout and mortar production and also increase its supply of high quality silica powder which is high in demand now, owing to the construction boom. Both these products are used in the construction industry.

He said that two months ago, the company bought 62% of Ceykor Aluminium Industries for Rs. 100 million. He added that the company wants to diversity into construction related materials and find this to be a good opportunity as aluminium is now used more and more in the construction industry. He said with this new acquisition in place, Parquet is eyeing more innovative construction solutions with Korean and European collaboration.

“We want to come up with new aluminium profiles, which are not marketed in the country,” Mr. Jayasekera said. He added that Parquet has plans to invest Rs. 100 million by March this year into this aluminium factory and from this year it should breakeven. “We’ll be marketing the products of this firm under the ‘Swiss Tech’ brand, which is owned by Parquet,” he added.

He said that Parquet’s parent firm, Lanka Tiles was rebranded as Lanka Floor Tiles (LFL) last year. “This was done to reflect our manufacturing in both floor as well as wall tiles,” he explained. He said that LFL is now in full capacity at 9, 000 square metres (sq) per day and will be expanding this to 14, 000 sq per day.

LFL’s 19-day strike over wage demands ended last year after a mutual agreement was reached between unions and the management.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
Govt. rejects tax relief call from tourism
More than $300 mln investment from telcos this year
LIOC warns of crisis if oil prices rise further
Big ad agencies in ‘pitching’ contest
Jetwing boutique hotel in Colombo
Top IMF official visiting
Rice-flour ‘paan’
Comment - Flaws in economic policy
Feature - 2010 was the hottest year on record in the world!
Piramal Glass rev. up 28% to Rs. 1.1 bln in last quarter
Surge in auto imports in 2010, up by ten-fold
United Motors SUV sales up by over 100%
YESL team at Asia Pacific ‘Company of the Year competition 2011’
Astrological predictions at ST Business Club
Dockyard’s ship building orders full for two more years; more focus on ship repairs in 2011
SLASSCOM 'FutureCareers' at EDEX 2011
Private medical care expensive as initial investments costly: Expert
CEAT reports strong post-tax profits for 2010
ODEL declares first dividend
Veteran Singaporean and Sri Lankan investor receives accolades
Intel’s new processor launched in Sri Lanka, after its global entry
Maldives ends 2010 with record tourist arrivals
ICASL, local university pledge to develop accounting education in Sri Lanka
Asia Commerce signs up with Scienter Technologies for fully digitised integrated solution
Parquet to invest in a crushing plant
SLT, Mobitel come forward
Central Bank steps into assist rice-based industries
Commercial Bank launches IT skills development project
Special Emirates packages for Dubai Shopping Festival
Disney Store completes international implementation of Oracle Service solution
JICA assists flood victims in Sri Lanka
Future tourism growth from emerging markets not from the West-expert says
Lankan exporters voice concern over new electricity tariffs, other issues
SL Minister says local engineers as capable as foreign experts
Seminar on IT for business
ICASL unveils high-end ICT products
Analysis of a coconut cultivator’s woes
Depositors and former directors endorse GKCC alternative re- payment plan
Softlogic with Moevenpick Hotels to go to South


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution