Pakistan’s Service Industries and Almar Group form JV for high-end footwear production
23 October 2015 06:30 pm
(From left): Omar Saeed, CEO of Service Group and Asanga Weerasinghe, Joint Managing Director of Almar Group after signing the agreement
Pakistan’s leading conglomerate, Service Industries and Sri Lanka’s Almar Group announced a joint venture for the manufacture and export of high end shoes recently.
The newly built facility, located in the Export Promotion Zone in Katunayake will commence operations in November 2015. The Joint Venture (JV) agreement was signed by Service Industries’ Chief Executive Officer, Omar Saeed and Almar Group’s Joint Managing Director, Asanga Weerasinghe.
The Joint Venture, Service Shoes Lanka (Private) Limited, will initially develop, manufacture and export shoes to top brands in the UK, with plans to expand the facility to employ up to 500 people with an export target of US$ 10 million of leather shoes, by 2018.
The new operation combines the resources and expertise of one of Pakistan’s largest industrial organisations, with core businesses in footwear, retail, tyre and auto parts, and the experience of the established Sri Lankan family business that holds a diverse portfolio of businesses in international trade, manufacturing and renewable energy.
Service Shoes Lanka (Private) Limited, will initially develop, manufacture and export shoes to top brands in the UK
Speaking on the occasion, CEO of Service Group, Omar Saeed said, “Sri Lanka was chosen as our first foreign destination for a Service factory, mainly because of skilled workforce, world-class logistics and foreign investor-friendly policies.”
“Service and Almar have a history of working together and this venture represents each organisation’s commitment to ensuring that Service Lanka is a resounding success,” explained Amanda Weerasinghe, Joint Managing Director of Almar Group.
Capitalizing on the strong reputation both Companies have built over the years, Service Shoes Lanka will take bold steps in positioning Sri Lanka as a manufacturing destination for high end European and US brands.