Local firm to invest US $ 5.85mn to manufacture advanced rubber material

BOI Chairman Raja Edirisuriya and Director General Renuka Weerakone formerly present investment agreement to Associated Advanced Rubbers (Pvt.) Ltd Chairman Shazni Kamardeen and Managing Director Muhammmed Arshad Iqbal

Associated Advanced Rubbers (Pvt.) Ltd recently signed an investment agreement with the Board of Investment (BOI) to set up a facility to manufacture advanced rubber material for direct and indirect export. 
The agreement was signed by BOI Chairman Raja Edirisuriya and Associated Advanced Rubbers (Pvt.) Ltd Chairman Shazni Kamardeen and Managing Director Muhammmed Arshad Iqbal. 

The project will commence with an initial investment of US $ 5.85 million and will establish its manufacturing facility in Gatahetta, Avissawella, an area that is concentrated with plantation crops of natural rubber, occupying a total population of nearly 5000.

The facility is intended to be equipped with 100KW of solar power, state-of-the-art research and development laboratory and high-end technology that is capable of innovating advanced sustainable rubber materials. 
The range of product expected to be manufactured include epoxyprene rubber, low protein rubber, liquid rubber, grafted rubber, granulated rubber, partially vulcanised rubber, thermoplastic rubber and technically specified rubber. 

Associated Advanced Rubbers (Pvt.) Ltd was established in 1950.

Edirisuriya said, “We congratulate the company’s leadership for diversifying into new products into export markets, including Europe, Asia, South Africa and the USA while making a significant contribution to the country’s economy. We are confident that this new establishment will provide gainful opportunities to the country as well as the improvement of rural infrastructure and livelihoods.”