Colombo, Sri Lanka, 21 January 2022 – JAT Holdings, Sri Lanka’s trusted industry leader in finishing and furnishing, re-confirmed the firm’s commitment to its Initial Public Offering (IPO) investment priorities with the commencement of the construction of its state-of-the-art R&D centre adjoining its Head Office premises, located in Thalawathugoda. A groundbreaking ceremony was held on the 19th of January 2022.
As per the Investment priorities set out during the IPO on 20, July 2021, proceeds from the IPO have been utilised for the company’s near term objectives of investment to create the R&D Centre – making it not only one of Sri Lanka’s cutting-edge facilities, but also one of the best research centres in South Asia for coatings. Completion of the facility is expected within 7-9 months, will feature modern design by Architect – Chamika De Alwis, resulting in a conducive environment for innovation, housing 20+ R&D specialists including foreign experts; and advanced equipment and instruments such as FTIR, HPLC, GCMS Pyrolizer, UV-VISS Spectrophotometers for Reverse Engineering, Ready Lab reactors for Radleys, Particle size Analyzers, Minimum Film Forming Temperature instruments for Polymer synthesis & evaluation of polymers. The facility will also contain accelerated weather meters to measure the accelerated weathering resistance of paint and coatings, Humidity Chambers to measure the behaviour of the coating in varying humidity conditions, a Salt Spray machine to conduct coating testing against sea breeze environments, as well as all types of rheometers for Rheological properties when in the can, as well as during the application process, concrete water impermeability apparatus, Elongation testers for waterproofing and high-end Colour Spectrometers for colour accuracy and colour consistency.
Furthermore, the prevalence of its R&D centre will enable JAT Holdings to maintain GPs through innovations in wood coatings, decorative and performance coatings, enhancing the performance of existing products, as well as assisting backward vertical integration. In addition, the R&D Centre is expected to support JAT Holdings to further expand its presence in Bangladesh, India and African markets with the vision of becoming an internationally acclaimed leader in wood coatings. The commitment to ensuring the completion of these initiatives further prove JAT’s commitment to elevate Sri Lanka to global heights.
Commenting on the successful ground-breaking Founder & Managing Director, JAT Holdings – Aelian Gunawardene – stated, “We are incredibly pleased to announce the ground-breaking of our state-of-the-art R&D Centre. We are deeply committed to our investors and the strategic investment they have made with JAT Holdings. The enhancement of our R&D prowess is just the first step in our investment promises at the launch of our IPO, and we continue to uphold our end of this strategic investment to ensure all our stakeholders are able to reap a plethora of benefits on par with the growth of the company.”
In addition, proceeds from the company’s IPO will also be utilised to set up a manufacturing facility in Bangladesh, expanding the WHITE by JAT marketing and development initiatives and setting up a manufacturing facility in East Africa.