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Sri Lanka based Lanka Harness maker to buy Japan parent

Feb 22, 2017 11:17 AM GMT+0530 | 2 Comment(s)

ECONOMYNEXT - Lanka Harness, a Sri Lanka based precision technology company that makes airbag sensors and seat belts, plans to buy out its parent Ito Springs of Japan.

Managing Director Rohan Pallewatte told Colombo-base Echelon business magazine, the deal will be completed this year increasing its clout in US and Europe markets.

Ito Sprints is a supplier to top Japanese firms including Toyota, Nissan and Honda.

Lanka Harness was set up in 2002, with an 8 million dollar investment by Ito Springs with 350 people making 350,000 sensors. It now makes two million, supplying firms outside Japan including Aston Martin, BMW, Fiat-Chrysler, Ford, Saab, Volkswagen and Volvo.

"I built the non-Japanese business on my own," Pallewatte was quoted as saying. "When I acquire the parent company, I can be more aggressive.

"I will have the added advantage of negotiating from Japan, home to several giants in the industry, and heading a company that has been a tier-one supplier for decades. Imagine what I could achieve."

The deal will tightly integrate the firm with the supply chain of of Japanese automakers who rely on so-called tier-one suppliers for on-time delivery. (Colombo/Feb22/2017)


 

2 Comments

  1. Niro February 24, 11:05 AM

    Wow .... Awesome...

  2. KT February 22, 07:13 AM

    Way to Go Sri Lanka. This is what all Sri Lanka companies should be looking to do.

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