Sri Lanka's Haycarb sells loss-making rubber flooring business

Sat, 18 May 2013 16:46:06

17 Jun, 2008 17:22:38

June 17, 2008 (LBO) – Sri Lanka's activated carbon man ufacturer, Haycarb, part of the Hayleys group, said it has sold its loss-making Kinetics subsidiary which was making rubber flooring.

The company said in a stock exchange filing that the business was sold to Watts Lanka.

No sale price was disclosed.

The sale included Kinetics machinery, the leasehold rights of the firm over the factory premises in the Biyagama export processing zone north of Colombo leased from the investment promotion agency, Board of Investment.

The Kinetics operation was shut down in January as part of the Hayleys group's decision to exit from operations that are not its core businesses to stop them being a drain on group profitability.