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CLPL in talks to revive famous DI brand
10
Sep '07
Country's largest leather manufacturer, Ceylon Leather Products Ltd (CLPL), has decided to clear off debts by selling valuable land and revive the once-popular DI brand, sources said.

Accordingly, the company will likely sell either its factory or tannery situated at Mattakkuliya within the next two weeks at the best available price.

It also plans to set in motion a modernizing process and manage its working capital in a more efficient manner.

Sources revealed that CLPL's factory and office space, located in a 3.4 acre plot, is estimated at Rs 340 million while the 4.75-acre tannery is valued at Rs 380 million.

The company also wants to settle its liabilities of Rs 180 million to state banks as well as other liabilities of Rs 20 million and shift the factory to Gampaha or Kadawatha.

Talking about DI, the sources said it was a very famous brand and held a strong market share against bigger names like Bata but petered out due to problems in the company. CLPL plans to revive DI and cash in on the good brand image that it once had in the market.


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