Jan 14, Colombo: President Gotabhaya Rajapaksa Thursday ceremonially opened the Ferentino Tire Manufacturing Plant, the largest tire factory in South Asia at Horana.
President Rajapaksa was received at the venue by Nandana Lokuwithana, Chairman, Ferentino Tire Corporation (Pvt) Ltd. After unveiling the plaque, the President inspected the entire manufacturing process at the plant.
Ferentino Tire Manufacturing Plant powered with world-class European technology is established in a 155 acre land belonging to the Horana Wagawatta Board of Investment Industrial Zone.
The investment for the first phase is US$ 100 million. Production is done using the latest machinery in the world with European technology.
The factory manufactures a wide range of tires for SUVs, cars, motorcycles, three wheelers and for many other tires for the world market. While 80% of the production will be exported the remaining 20% is supplied to the local market.
The company’s first consignment is expected to be exported to the United States this month.
Among the many benefits of the factory are the promotion of the export market in the country, the creation of a large number of direct and indirect jobs and the higher prices offered to local rubber growers.
Going beyond the existing standard limitations in the manufacturing sector, the management of the company has also taken steps to recruit qualified women for the posts in the technical divisions. The eco-friendly construction of the factory is also a specialty.
The President also presented a gift to Devmi Yasasmi of Sumanajothi College, Ingiriya, who obtained 200 marks in the last Grade five Scholarship Examination.
Most Venerable Itthapane Sri Dhammalankara Thero, Chief Prelater of the Sri Kalyani Samagri Dharma Maha Sangha Sabha, Sri Jayawardenapura Kotte, Ministers Wimal Weerawansa, Rohitha Abeygunawardena, Mahinda Amaraweera, Ramesh Pathirana, State Ministers Piyal Nishantha, Kanaka Herath, D.V. Chanaka, Member of Parliament Sanjeewa Edirimanne and officials from government and private institutions were also present at the occasion.