Alumex

Alumex

Alumex

Sri Lankan manufacturing company

Alumex PLC is an aluminium extrusions manufacturing company in Sri Lanka. The company was incorporated as a South Korean-Sri Lankan joint venture in 1986. The company commenced commercial operations two years later. The Sri Lankan partners acquired the South Korean partner's stake partners in 2006. Sri Lankan conglomerate Hayleys acquired Alumex in 2010 and was listed on the Colombo Stock Exchange after an initial public offering in 2014. Alumex is the leading aluminium manufacturer in Sri Lanka, with a market share of 46%. Alumex is one of the LMD 100 companies in Sri Lanka.

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History

The company was incorporated in 1986 as Alumex (Pvt) Ltd, a South Korean-Sri Lankan joint venture. The company commenced operations with a five-inch extruder and an anodizing plant in 1988. Stanley William, who was a founding director of Sampath Bank, was the company's first chairman.[2] In 2000, a seven-inch extruder plant set up in the Makola facility. It is the largest extruder in Sri Lanka. The Sri Lankan partners of the joint venture took control of the South Korean stake in 2006.[3] Hayleys acquired 95% of the stake in Alumex for LKR2.2 billion in 2010. Up until then, Hayleys focused on manufacturing for the overseas market, it was the first time Hayleys acquired a manufacturing company mainly focused on the domestic market.[4] However, Fitch Ratings placed Hayleys on rating watch negative with AA-(lka) rating due to the acquisition being funded by debt facilities.[5]

Alumex (Pvt) Ltd was re-registered as a public company called Alumex Limited in 2013.[3] In March 2014, Alumex announced an initial public offering worth LKR839 million. It was the tenth Hayley's subsidiary to be listed on the Colombo Stock Exchange.[6] In 2018, the company launched a new plant in Ekala built at a cost of LKR2 billion. The plant is fully automated and has an output of 1,000 MT per month.[7]

Operations

Alumex is the leading Aluminium manufacturer in Sri Lanka, with a 46% market share. Alumex's related company Swisstek controls 30% of the market share.[8] Alumex is one of the LMD 100 companies in Sri Lanka. LMD 100, analogous to Fortune 500, lists publicly traded companies in Sri Lanka by revenue. In its 2020/21 edition, Alumex ranked 88th.[9] Alumex won the gold award at the 29th annual National Chamber of Exporters Awards in 2022.[10] The company invested LKR1 billion to increase the capacity in the Sapugaskanda facility. Alumex obtains 50% of its raw materials from recycled aluminium beverage cans.[11]

See also

References

  1. [1]
    "Annual Report 2022/23" (PDF). cse.lk. Alumex PLC. Retrieved 6 June 2023.
  2. [2]
    Senewiratne, Kalinga (27 May 2001). "A breath of fresh air". The Sunday Times. Wijeya Newspapers. Retrieved 20 January 2023.
  3. [3]
    Gange, Dickshon (September 2020). "Staying competitive during challenging times: a glimpse of a leading Aluminum-based industry in Sri Lanka and how it surfs with the waves of the pandemic" (PDF). The Tri-Annual Publication of the Institute of Chemistry Ceylon. 37 (3). Institute of Chemistry Ceylon: 31–33. Retrieved 19 January 2023.
  4. [4]
    "Hayleys enters local market-focused manufacturing sector". Daily FT. Wijeya Newspapers. 5 November 2010. Retrieved 20 January 2023.
  5. [5]
    "Fitch places Hayleys on RWN". Daily News. Associated Newspapers of Ceylon Limited. 16 November 2010. Retrieved 20 January 2023.
  6. [6]
    "Alumex IPO opens today". Daily FT. Wijeya Newspapers. 6 March 2014. Retrieved 20 January 2023.
  7. [7]
    "Fully automated aluminium extrusion plant opens in Ekala, Ja-Ela". Daily News. Associated Newspapers of Ceylon Limited. 15 August 2018. Retrieved 20 January 2023.
  8. [8]
    "Sri Lanka Aluminium maker calls for quality controls". Economy Next. Echelon Media (Pvt) Ltd. 26 August 2018. Retrieved 20 January 2023.
  9. [9]
    "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 20 January 2023.
  10. [10]
    "Alumex takes GOLD at 29th NCE Export Awards". The Island. Upali Newspapers. 16 February 2022. Retrieved 20 January 2023.
  11. [11]
    "Alumex invests Rs 1 bn to boost capacity at Sapugaskanda facility". Daily News. Associated Newspapers of Ceylon Limited. 12 September 2022. Retrieved 20 January 2023.
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