Acme expands with Rs 248 m investment

Ramani KANGARAARACHCHI

Acme Printing and Packaging, the largest flexible packaging manufacturer in the country will go for a major financial and corporate restructuring process with an investment of Rs 248 million.

Chairman Dinal Peiris

Acme Chairman Dinal Peiris said the company is convinced of a better future with the end of terrorism and an increasing customer demand for packaging of food grade products has emerged.

As such the company embarked on to this restructuring plan to enhance capacity and meet future demand.

He said it went for a rights issue recently to raise the required funds which will be utilized to meet the company’s ever growing working capital requirement and to pay off high interest debts. This will bring large profits to the company, he said.

Peiris said with the availability of adequate raw material under the restructuring process the company will do long run products reducing production cost immensely.

Staff holding key management appointments and sales team will be given special training and the company expects improved results towards the end of this year.

Acme has provided direct employment to 300 at present and more opportunities are expected in the long production run once the restructuring process is completed.

Peiris said that Acme wants to grow with small entrepreneurs in rural areas such as Anuradhapura. It has a scheme to support small biscuit and other food item manufacturers in their packaging which is a unique thing.

Although it is not a profit oriented project benefits are expected for the country in the long run. Acme, a 60-year-old company listed in the stock market supplies packaging materials to branded local companies such as Maliban, Samahan, Classic Teas, Agri Business, Unilever products, Glaxo SmithKline and Ceylon Chocolates. It has a state-of-the-art factory at Pannala set up under Gamata Karmantha project of the Government.

It is also the only aluminium foil producer in the country. Some of its products are exported to Pakistan.