23 May 2016 12:00 am
Industrial Asphalts (Ceylon) (ASPH), a listed paints and bitumen producer said its production and commercial activities had reached a standstill as the manufacturing facility in Peliyagoda was inundated.
“The board and management of ASPH is currently working closely with the relevant authorities, the insurance companies and others to put in place a mechanism to initially minimize and contain the damage and thereafter to revert to normal operations,” the company said in a stock exchange disclosure.
The company further said it was not in a position to quantify the damage as the water level within the premises remains high.
According to ASPH 2014/15 annual report, the infrastructure of the factory in Peliyagoda underwent refurbishment during the year.
“The portfolio of machinery were assessed and revamped to ensure that rated production capacity was achieved and new safety standards were met,” ASPH MD/CEO G. Ramanan said.
Further, the land on which the factory is situated was filled up to 5 feet with the required stones and gravel for the full productive utilization of the premises.