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Teejay Lanka adopts strategies to secure yarns at a better price

Nov 22, 2021
Teejay Lanka adopts strategies to secure yarns at a better price

Sri Lanka

Teejay Lanka group is approaching suppliers to secure yarns and negotiations are in progress with customers to manage a better price margin for both, said Bill Lam, Chairman, Teejay Lanka.He added that, the teams are constantly collaborating with suppliers to minimise the impact of supply chain disruptions and higher freight rates.

Sri Lanka’s largest textile manufacturer and the first textile manufacturer in the country to receive membership of the US Cotton Trust Protocol, Teejay Lanka PLC is a public quoted company with 40 per cent public ownership. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake. Pacific Textiles of Hong Kong whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.

Teejay Lanka CEO Mr Pubudu De Silva noted that the Group’s US$ 26 million expansion project in India is progressing to planned timelines, with plant construction ongoing and orders for additional machines placed.

 

He said that, as part of their strategy of adapting to the changing environment, they are progressing with an upgrade to the SAP-HANA relational database management system.  He added that, Teejay is navigating the journey to achieve the goal of US$ 300 million by 2023 amidst changing business dynamics and uncertainties, with cautiously-placed strategies that will achieve the targets set for stakeholders.

 

The Company has been adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) and has been named among the 100 Most Respected Companies in Sri Lanka by LMD.

 

Source: Lanka Business Online

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