Swisstek (Ceylon) PLC is a tile

grout Grout is a dense substance that flows like a liquid yet hardens upon application, often used to fill gaps or to function as reinforcement in existing structures. Grout is generally a mixture of water, cement, and sand, and is frequently employe ...

and tile

mortar Mortar may refer to: * Mortar (weapon), an indirect-fire infantry weapon * Mortar (masonry), a material used to fill the gaps between blocks and bind them together * Mortar and pestle, a tool pair used to crush or grind * Mortar, Bihar, a village i ...

manufacturing company in

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. The company was established in 1967 as Parquet (Ceylon) Ltd to manufacture

parquetry Parquet (; French for "a small compartment") is a geometric mosaic of wood pieces used for decorative effect in flooring. Parquet patterns are often entirely geometrical and angular—squares, triangles, Lozenge (shape), lozenges—but may co ...

. Parquet (Ceylon) signed an agreement with Switzerland-based Bauwerk AG for technology collaboration and started supplying for the domestic and foreign markets under the brand name "Swissparkett". The company was listed on the Colombo Stock Exchange in 1983. Parquet (Ceylon) switched its core business by switching to manufacturing tile grout and mortar in 2009. In 2011, the company was renamed Swisstek (Ceylon) and in 2013, became a part of the Vallibel One Group. Swisstek is one of the ''LMD'' 100 companies in Sri Lanka.

History

The company was founded in 1967 as Parquet (Ceylon) Ltd to manufacture

. Singha Weerasekera, the then-chairman of Don Carolis and Sons, was the founding chairman of Parquet (Ceylon). Parquet (Ceylon) entered into a technology collaboration with Switzerland-based and supplied the domestic market under the brand name "Swissparkett". The company expanded its business to foreign markets in 1972. The company was listed on the

Colombo Stock Exchange The Colombo Stock Exchange (CSE) (; ) is the main stock exchange in Sri Lanka that utilizes an electronic trading platform. The CSE headquarters have been located at the World Trade Center (Colombo) Towers in Colombo since 1995, and it has regi ...

in 1983. Parquet (Ceylon) became a part of Lanka Walltiles Group in 2003. In 2009, the company switched its core business of manufacturing parquetry to manufacturing tile grout and mortar. Even though the company ceased manufacturing parquetry, the sale of imported parquetry in the domestic market continued. Parquet (Ceylon) acquired 62% of the stake in Ceykor Aluminium Industries for LKR100 million in a bid for diversification in 2010. Parquet (Ceylon) change name to Swisstek (Ceylon) in 2011. A Royal Ceramics-led consortium acquired a controlling stake in Lanka Ceramics PLC in 2013, thus Royal Ceramics' parent

Vallibel One Vallibel One PLC is one of Sri Lanka's largest conglomerate companies. The company controls a chain of subsidiaries and listed on the Colombo Stock Exchange since 2011. The company has controlling stakes in LB Finance, Royal Ceramics Lanka, an ...

became the ultimate parent company of Swisstek. The company celebrated its 50th anniversary in 2017. Swisstek Aluminium moved to increase its production capacity of 450mt to 1,000mt per month in 2017. The demand for aluminium stood at 2,500mt per month then. Swisstek secured a US$4.5 million timber flooring contract from the Cinnamon Life Colombo project in 2019. The contract is the largest timber flooring deal awarded in Sri Lanka. Swisstek entered into the contract to supply and install of solid wood flooring for the project.

Operations

Swisstek is one of the ''LMD'' 100 companies in Sri Lanka. ''LMD'' 100 ranks the public companies in Sri Lanka by revenue annually, and in its 2020/21 edition Swisstek was ranked 95th. Swisstek (Ceylon) also produces skim coats and decorative pebbles, and its subsidiary, Swisstek Aluminium manufactures

aluminium Aluminium (or aluminum in North American English) is a chemical element; it has chemical symbol, symbol Al and atomic number 13. It has a density lower than that of other common metals, about one-third that of steel. Aluminium has ...

extrusion Extrusion is a process used to create objects of a fixed cross section (geometry), cross-sectional profile by pushing material through a Die (manufacturing), die of the desired cross-section. Its two main advantages over other manufacturing pro ...

s. Alumex, a related company of Swisstek is the market leader in aluminium production and controls 46% of the market share. Swisstek Aluminium Ltd has control of 30% of the market share.

Finances

Source: Annual Report, 2022/23 (pp. 130–131)

References

External links

Official website
{{All Share Price Index 1967 establishments in Ceylon Manufacturing companies established in 1967 Companies listed on the Colombo Stock Exchange Manufacturing companies of Sri Lanka Building materials companies

History

Operations

Finances

See also

References

External links