Recently marking its 15th year in Sri Lanka, 3M Lanka's turnover has achieved US$ 5 million, according to the company's General Manager, Suren Rajanathan, a figure based on the popularity of several products, namely:Micro pore surgical tapes, Littmann stethoscopes, car detailing and fuel system cleaner products, Nomad mats, energy saving film, Scotch tape, road signage and desk and office cleaners.
While most sales have resulted from 3M Lanka's presence in the healthcare sector, the local branch's best-performing portfolio so far, telecommunications sales have proved the second biggest draw, with 70% of all sales attributed to Sri Lanka Telecom and its Visioncom and SLT’s subsidiaries.
In fact, according to Mr. Rajanathan, fully 70% of 3M Lanka's profits result from three main businesses: Healthcare, Electro-Telecommunications and Security Systems, and Industrial Adhesive Tape and Occupational Health and Environmental Safety business units, the last reportedly “closely” influenced by the performance of the apparel industry.
Observing that investments totalling more than US$ 2 million have been made since the start of local operations 15 years ago, Mr. Rajanathan also revealed that 3M Lanka's primary market remains sales to other businesses, who he terms “big players”, instead of end users. A market tapped through a network of 25 business partners and 35 mostly sales staff offering the 35 to 40 technologies available domestically, a number put into greater perspective by the fact that 3M's global product portfolio reportedly numbers more than 500.
Meanwhile, Mr. Rajanathan’s expectation for the future proves to be only positive, a situation alluded to by the burgeoning growth expected in associated sectors or, in his own words, because of "Sri Lanka's focus on infrastructure development, advancement in the health care service sector, focus on sustainable/renewable energy and energy management and the opening up of North and Eastern parts of the island for development, etc."
As such, the next generation of growth, again according to Mr. Rajanathan, can be expected in related areas such as corrosion protection, advanced wound care, traffic safety systems, digital signage and renewable energy, the last of which already experienced demand in energy management solutions with demand in power generation solutions, wind energy and photovoltaics anticipated.
Moreover, Mr. Rajanathan insists that 3M's relationship with Sri Lanka goes beyond just one way - sale of imports in the domestic market place: "'Taking local brands global' is one of the most important initiatives of 3M Sri Lanka over the last 15 years. For example; Dipped Products PLC of Hayleys Group produces latex gloves for 3M worldwide subsidiaries under 3M Scotch Brite brand".
As to whether 3M Lanka has been responsible for any of the 500 products making up the global portfolio, Mr. Rajanathan says that, while the local office has been involved in "the early stage of (the product development process)", the outcome remains, as yet, "too early for us to disclose". |
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