With its currency the world’s worst-performing at present, Sri Lanka is facing an economic and political crisis. Despite these issues, GRI remains resilient and continues to supply its specialty tyres to global customers. The tyre maker has published a statement underlining its commitment to stand firm during the challenging times prevailing in the island nation.
Sri Lankan tyre maker GRI shares that it has received three awards for demonstrating excellence in business whilst contributing to the country’s economic advancement. It accepted these honours at the recent National Business Excellence Awards 2021, which was hosted by the National Chamber of Commerce of Sri Lanka.
Shandong Haohua Tire has broken ground on its previously-announced Sri Lanka tyre production base. Senior managers report that the US$300 million-dollar project’s workshop will be ready in mid-2022 and that the plant will go into production in late 2022.
On 31 January 2022 Kelani Tyres PLC announced plans from the Kelani Tyres/Ceat joint venture to invest up to 3.2 billion Sri Lanka rupees (£11.637 million; 13.915 million euros; US$15.801) in increasing its tyre manufacturing capacity via machinery upgrades.
Bestowed by the country’s President, the Presidential Export Award is considered Sri Lanka’s highest honour in recognition of outstanding contribution to the export sector and to the country’s economic development. The most recent awards ceremony took place on 26 November, and tyre maker GRI was named Best Exporter of Dry Rubber Products for the second consecutive year.
With global demand for its specialty tyres on the rise, Sri Lankan off-highway tyre maker GRI is expanding its manufacturing capacity through a range of projects, including construction of a new mixing plant in Mirigama, 40 miles east of Colombo. GRI is investing US$25 million to set up the facility, which will have a capacity of 200 tonnes a day.
Last Friday was an important day for GRI in regards to its environmental engagements – the Sri Lankan tyre maker launched its ‘Greening Our Planet’ project by planting 450 rubber trees at smallholder rubber farms in Moneragala District.
Locally harvested natural rubber is the key raw material that Sri Lankan tyre maker GRI Tires utilises. It thus views natural rubber farmers as important stakeholders in the ‘GRI ecosystem’. This is an ecosystem that “focuses on sustainability and aims to inspire the farming communities by recognising their work as well as providing knowledge and skills for their development and optimising the yields from their natural rubber farms.”
GRI Tires reports that the second phase expansion of its new production facility, which began in January 2021, is progressing well despite the challenges posed by the current lockdown in Sri Lanka. It is building the new and advanced specialty tyre manufacturing plant next to the current facility with a total investment of US$100 million.
Sri Lankan tyre maker GRI Tires strives to be a responsible company that always recognises the importance of giving back to the country and its people, especially in times of need. Managing director Prabhash Subasinghe states that it “is ingrained in our DNA as an organisation to give back to society.”
GRI has held the latest in its series of events organised through its GREEN X Circle initiative. GRI’s Monaragala, Sri Lanka event brought together natural rubber and rice farmers to show their connectivity. Both farming communities are key stakeholders in the GRI value chain, the Sri Lankan speciality and agricultural tyre manufacturer states. The initiative’s purpose is to foster connectivity and collaboration between the two farming ecosystems while placing emphasis on sustainability principles.
GRI has laid the foundation stone for the second phase of its $100 million manufacturing facility in Badalgama, Sri Lanka. The plant, in the Mirigama Export Processing Zone will expand production of speciality tyres as global demand for its products grows. The company has been expanding rapidly since its $40 million-plus investment in the “world-class” manufacturing facility, inaugurated in 2018. Phase two will include a new mixing facility, expanding the original plant by the end of 2021.
Ferentino Tyre Corporation’s Horana, Sri Lanka tyre factory was officially opened by Sri Lankan president Gotabhaya Rajapaksa on 14 January 2021. The facility was constructed with an investment of US$250 million and can reportedly produce 2.4 million tyres annually. Tyres made at the Ferentino factory will cross a number of sectors including radial car, SUV, bicycle and even three-wheelers. These include a “Mythos” product line reminiscent of the Marangoni passenger car tyre range previously produced in the same place (see below). Of the 2.4 million tyres produced annually at the Ferentino factory in this phase, 80 per cent are destined for export markets. A second phase is scheduled to be completed in March 2022.
GRI recently held two outreach events with some of the natural rubber farming communities it works with. The events were held under GRI’s Green X Circle initiative which supports Sri Lanka’s farming communities and the country’s vibrant agricultural industry. Identifying a need for extra-curricular sporting activities and equipment for school children in the area, the company distributed cricket, volleyball and badminton equipment to selected schools in Monaragala, Sri Lanka.
At the start of 2021 GRI managing director Prabhash Subasinghe reflected on 2020 and shares his focus for 2021. Beginning with a reflection on the true meaning of resilience – something that is only put to the test only when you go through a year like 2020 – Subasinghe spoke proudly about GRI and the company’s home country Sri Lanka:
“I am humbled and proud of how resilient we were as people, a company, and a country. Our fortitude drove the way we interacted with society and the way we managed our relationships with our stakeholders. GRI showed an incredible amount of resilience in all facets.
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