BOI signs an agreement for manufacturing solid tyres

The Board of Investment of Sri Lanka signed an agreement with Watts Lanka (Private) Limited for a project to manufacture solid tyres for the export market. The company will manufacture solid tyres for forklifts.

This project is an investment of US $ four million and is expected to provide employment opportunities for a workforce of 150. The venture is sponsored by UK based Investor, Luklore Limited. Company sources said that it is the fourth largest supplier to the world solid tyre market.

The company will commence operations in the existing manufacturing plant acquired from Hayleys.

The factory located at the Biyagama Export Processing Zone has to be converted with the machinery required for solid tyre manufacturing.

Director / General Manager of Watts Lanka U. D. Jayantha, said that most of the raw materials required for productions was available in Sri Lanka and that the venture expects to export their products worldwide including the US, European Union and Middle East markets.

He stated “There is a good demand for forklift tyres and we will be capable of manufacturing 25 tonns of tyre at capacity once we complete the required conversions of the factory”. Jayantha said that there was a possibility of expanding operations as the demand for forklift tyres was increasing.

Sri Lanka is the number one solid tyre manufacturer and accounts for more that 60 percent of world production.

Chairman / Director General Dhammika Perera, signed the agreement on behalf of the BOI and formally presented the investor with the BOI Certificate of Registrations.

On behalf of Watts Lanka, Director, General Manager, U. D. Jayantha signed the agreement.