14 January 2021 04:12 pm
Southeast Asia's largest tyre manufacturing facility, Ferentino Tire Corporation- PVT Ltd located at Wagawatta in Horana, was declared open by President Gotabaya Rajapaksa a short while ago.
The first phase of the project completed with an investment of US$ 250 million.
The factory has been set up on a 155-acre land belongs to BOI Industrial Zone in Wagawatta, Horana. Investment of the first phase is USD 100 million. Manufacturing will be carried out using European technology and state-of-art equipment.
Special tyres will be manufactured for SUVs while catering to the demand in the world market for tyres for cars, bicycles and three-wheelers. 80% of the production will be exported and the remaining 20% will be supplied to the local market. The first stock of production will be exported to the USA this month.
Promotion of the export market potential of this country, generating a large number of direct and indirect employment opportunities and the ability for local rubber producers to obtain a higher price are some of the benefits of the factory.
The management of the factory has taken measures to recruit qualified women to fill the vacancies for technical positions beating adopted standards in the industrial sector. The factory is an eco-friendly entity.