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Thursday, October 21, 2010

Touchwood diversifies into flooring manufacturing

Move places Sri Lanka on the world bamboo flooring market competing with China

Touchwood Group enters the flooring market with the commencement of work on its purpose-built flooring manufacturing plant in Sri Lanka.

The flooring manufacturing operation will be carried out through its recently-incorporated subsidiary T Wood Flooring. Touchwood Ltd. Hong Kong holds 51% stake in the company and the other 49% stake is held by Touchwood Investments PLC.

The setting up of the timber manufacturing plant affirms the organisations commitment to value add to its produce from its plantations, lending assurance to its investors on their returns and also enhance the revenue streams to the company.

T Wood Flooring will specialise in the manufacture and export of wooden flooring solutions using state of the art equipment in its purpose built manufacturing plant currently under construction. T Wood Flooring will cater to the high-end European and American markets.

T Wood Flooring will initially manufacture flooring using bamboo. Bamboo flooring has seen an exponential growth in demand because it is environmentally friendly, distinct appearance and other natural properties.
Bamboo is an extremely fast growing renewable resource and fast becoming a material of choice for flooring as against hardwood flooring. Bamboo has been used widely in the Far East for centuries. Touchwood Group has acquired the technical knowhow to convert this versatile material in to flooring solutions to meet the demand for flooring in ultra modern houses and buildings.

The pre-processed bamboo will be exported from Thailand to Sri Lanka where 90% of the value addition will take place before exporting worldwide. Touchwood Group also grows bamboo in its plantations in Thailand, which it sells as investments to its clients. Creating the capability to value add to its produce is part of the five-year strategic plan, the company has charted out for itself. This initiative will place Sri Lanka on the world bamboo flooring market, competing with China.

source - www.ft.lk