• Twitter
  • Facebook
  • Instagram
  • Subscribe
  • Free Newsletter
  • My account
  • Log In
Tyrepress
  • 0Shopping Cart
  • NewsNews
    • Latest News
    • All Headlines
    • Company News
    • UK News
    • Product News
    • International News
    • Retreading
    • Career Tracks
    • Motorsport
    • Video
    • Tyrepress Videos
  • Data
    • Leading Tyre Manufacturers
    • Leading Retailers (UK)
    • Social Media Ranking
    • Online Branding
    • Brand Finance rankings
    • Blue Light Fleet Analysis
    • Astutus Research analysis
    • Premium Report
  • Features
    • TPMS and Sensor Technology 2021
    • Tyre Industry Conference 2020
    • Online Tyre Business 2020
    • Aftermarket 2020
    • Tyre Recycling 2020
    • Kick-starting your business webinar May 2020
  • Business Directory
    • Browse Entries
    • List Your Company on the Business Directory
  • Jobs
    • Situations vacant
    • Career Tracks
  • Classifieds
  • Magazine
    • Latest Issue
    • Read Tyres & Accessories Magazine online
    • Magazine Archive
  • Shop
    • Subscription Shop
    • Report Shop
    • Directory Shop
  • About
    • Company Profile
    • Media Information
    • Frequently Asked Questions (FAQs)
    • Legal
    • Contact Us
  • Search
  • Menu
You are here: Home1 / News2 / Product News3 / Loadstar is Sri Lanka’s single largest exporter

Loadstar is Sri Lanka’s single largest exporter

Date: 8th October 2007 Author: Admin Comments: 0

On September 28, in Colombo, Sri Lanka, Solideal Loadstar won three gold awards at the country’s 15th Annual Export Awards, conducted by the National Chamber of Exporters of Sri Lanka (NCE). The awards were: “Most Outstanding Exporter – Industry Rubber Products Extra Large category”; “Most Outstanding Exporter – Industry Rubber Products”; and “Most Outstanding Exporter – Overall Winner”.

The National Chamber of Exporters of Sri Lanka (NCE) has been hosting the prestigious Export Awards Ceremony since 1993 in an effort to recognize and reward export excellence in Sri Lanka. Over the past 15 years, the number of entries has risen from 19 to 132. Applicants were judged on overall net export turnover, export growth, product and market diversification, export values by principal markets, new products introduced, and special certifications.

“Our team in Solideal Loadstar deserves these awards for their hard work and commitment. Worldwide, the Solideal group’s connection to Sri Lanka is a source of pride, especially the great contribution to the economy and the country’s reputation for quality products,” said Cesar Clemente, CEO of the Solideal Group.

Solideal Loadstar accounts for over 2 per cent of the nation’s near 7 billion dollar export earnings, according to the company. Catering to customers in the North America, Europe, Asia, Oceania, Africa and the Middle East, Solideal Loadstar turns out thousands of tyres per day.

25 per cent market share

“[Loadstar] is the world market leaders in solid tyres with a 25 per cent share of the global market,” Chairman Nihal Jinasena told reporters. The firm is a 40:60 joint venture between the Jinasena Group and Solideal of Belgium respectively. The company has been experiencing consistent growth in turnover which reached 28 billion rupees (£348 million) in 2006, Jinasena said, adding:

“We have been having a 25 per cent year-on-year annual growth rate for the past 10 years. We hope to achieve 40 billion rupees in turnover in 2008/09.”

Loadstar has been investing 800-900 million rupees (£10.5 million) each year for the past three years to expand capacity. A 1,350 million rupee expansion is planned for this year. Its plants in Sri Lanka now have a capacity of 8,500 tonnes and are exporting 7,500 tonnes of tyres a month. Loadstar fabricates its own presses and curing ovens and constantly re-engineers them to improve production speeds and energy efficiency.

Loadstar also makes giant construction tyres weighing over 1,000 kilograms. Solideal has nine factories in Sri Lanka and is an original equipment maker for brands like Caterpillar, Fiat, Komatsu, John Deere and Yale. The firm earns about two billion Sri Lanka rupees (£93 million) a year and has net assets of about 7.5 billion rupees, Jinasena was quoted as saying.

Related news:

  1. SRI To Increase Tyre Prices Overseas
  2. SRI Increases Prices
  3. Hankook Profits Down 45% in Third Quarter
  4. Bridgestone to expand production of truck and bus tyres
Comments
Comments closed
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Per E-Mail teilen

Related Tags

Africa, Asia, awards, Middle East, North America, rubber

Advert Location 28

Top five articles this week

Advert Location 10

© 2020 - Tyrepress
  • Twitter
  • Facebook
  • Instagram
  • WhatTyre
  • Reifenpresse
  • PneusNews
Reorganisation will Reduce Michelin’s Capex, says Deutsche Bank Arnco Boosts Liner Production
Scroll to top