Chemanex US Chemical Company Tie up to Bring Investment for a New Plant

18th January 2011, www.dailynews.lk, By Ramani Kangaraarachchi

Chemanex a member of CIC Group of Companies, will link up with a leading chemical company in USA making an investment of Rs 350 million shortly.

Chemanex Managing Director Lal De Alwis said that the company has shown a growth in exports at present and it will introduce a new chemical product range with the latest investment. The signing of agreements has been already completed between the two companies.

He said a new chemical plant has been installed in Meerigama to increase production. This project will also create about one hundred new employment opportunities.

Chemanex, a BOI company has been engaged in trading, imported and locally produced chemicals and industrial intermediates with foreign collaboration and overseas technology.

The Group has successfully ventured into the manufacturing of intermediates for work-wear and manufacturing of specialty chemicals for global markets. The Group currently exports to over 25 countries with leading multinationals being among their satisfied customers.

De Alwis said that quality of the product and prompt services which are embedded in the supply package has paved the way to the group to achieve “The Most Preferred Supplier” status among the well-known multinationals that are dealing with them continuously, in their line of business.

Their product range includes consumer chemicals packaging, rubber chemicals, food and pharmaceutical, rubber estate chemical and pigments.

In the interest of diversification, the company has made strategic investments in the financial services and hotel sector.

Meanwhile, a subsidiary of Chemanex, Yasui Lanka, manufacturing seamless knitted gloves made out of 100 percent polyamide thread also will increase exports shortly.