Hayleys

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Hayleys PLC
Type Public
Traded as CSE: HAYL.N0000
Industry Diversified Conglomerate
Predecessor(s) Chas P. Hayley and Company
Founded Galle, Sri Lanka. (January 10, 1878 (1878-01-10))
Founder(s) Chas. P. Hayley
Headquarters Colombo, Sri Lanka
Key people Chas P. Hayley (Founder)
A.M. Pandithage (Chairman and Chief Executive)
Products Agriculture
BPO And Shared Services
Construction Materials
Consumer Products
Fibre
Hand Protection
Leisure And Aviation
Plantations And Tea Exports
Power & Energy
Purification Products
Textiles
Transportation And Logistics
Revenue Increase $572.3 mio (10-11).[1]
Net income Increase $27.9 mio (10-11)[1]
Employees 33,201 (2012) (incl associates)[1]
Website www.hayleys.com

Hayleys PLC is a Sri Lankan multinational & diversified conglomerate. Hayleys accounts for 3.15% of Sri Lanka's export income.[2] The Company operates through seven broad segments: Global Markets and Manufacturing, Agriculture, Power and Energy, Transportation and Logistics, Leisure and Aviation, Consumer, and Investments and Services. Hayleys comprises over 130 business units and subsidiaries, 9 of which are publicly listed in the Colombo Stock Exchange. The company has 36,000 employees.

History

The beginnings of the Hayleys Group can be traced back to 1878 when Charles P Hayley disembarked from the Percy Douglas, a 781-tonne clipper ship on to the shores of Galle, Sri Lanka.

Chas Hayley founded the forerunner of Hayleys, Chas P. Hayley, in 1878, to trade in coconut fibres. In 1909, he entered into partnership with W. W. Kenny to purchase Thurburn Stores, at Deans Road.

Hayley and Kenny and Chas P. Hayley were made Private Limited Companies in 1935 and 1943, respectively. In 1954 under one corporate umbrella, the entity went public. Hayleys Ltd continued to diversify into a portfolio that currently includes activated carbon, rubber gloves, textiles, fibre based products, tea and rubber plantations, transportation and logistics services, consumer products, and other investments and services to name just a few.

Hayleys and its associates have forged successful partnerships with global giants such as Mercedes-Benz, TATA International, Dystar, Symrise, Bayer Cropscience, Philips Lighting, Polymer Latex, Volvo, Fujifilm, P&G, Shimadzu, Fedex and Gillette, to name just a few. Its adherence to the tenets of good corporate governance and ethical practices has made it one of the most respected companies in Sri Lanka and a corporate inspiration to many others.

Despite such unfavorable conditions such as an ethnic conflict that had claimed 65,000 lives since 1983, rampant inflation, and devastation and 30,000 deaths caused by the tsunami of 2004, Hayleys has survived and evolved into a US$ 300 million firm. The company has now transformed from its roots as a trading company into an industrial and services conglomerate.

Since 2009 the Group has marketing offices in the US, UK, Holland, Australia, Bangladesh, Japan and Italy, and its products are sold in 80 countries. [3] [4]

Corporate affairs

Hayleys is a Sri Lankan diversified conglomerate headquartered in Colombo, Sri Lanka. Its main offices are located in and around the premises; however other manufacturing, agricultural, marketing and production bases are geographically spread around the country and through five different continents. Hayleys PLC, the Group’s holding company, has an AA-(Ika) by Fitch and a market capitalisation of 1.08%. However the composition of the entire Group includes 8 other publicly listed companies. The blue chip recorded its highest profits in the twelve months ending 31 March 2010, and made its single largest investment in its 130 plus year history – the buying over of the five star Ceylon Continental Hotel in Colombo, Sri Lanka now known as The Kingsbury. In 2010, the Ceylon Chamber of Commerce ranked Hayleys as the country’s best corporate citizen, based on an analysis of several factors of CSR and sustainability, implemented throughout public and private spheres. [5] [6] [7]

Corporate recognition

In 2010, Hayleys Group was named Sri Lanka’s Best Corporate Citizen by the Ceylon Chamber of Commerce.

The firm brought fame and recognition to the country by winning a European Foundation for Management Development Award for the INSEAD produced case study featuring the company, and winning the USAID Global Development Alliance Award for Sri Lanka for fostering commercial agriculture in Sri Lanka’s Eastern Province.[5] [8]

In 2012, the Hayleys Group was ranked amongst the top three most respected business entities in Sri Lanka and placed first for Nation-Mindedness in Lanka Monthly Digest’s ‘Most Respected Entities In Sri Lanka’ survey, the Group’s best standing since 2008.[9]

Recent Events

A subsidiary of Hayleys PLC, Dipped Products Ltd, was the subject of a series of protests in Nedungamuwa, Sri Lanka, after allegations surfaced that Dipped Products Ltd. was responsible for the contamination of the only source of drinking water in the region.[10] Protestors alleged that Dipped Products Ltd. practice of discharging untreated chemical waste directly on the ground, adjacent to drinking wells, resulted in water contamination. The protests were quelled through the use of violent police intervention that resulted in the deaths of several protestors.[10] However independent reports and articles by various field experts have indicated that there is no link between the contamination issue and the factory in question. [11] [12] [13]

References

  1. ↑ 1.0 1.1 1.2 "Financials". 
  2. ↑ "Company Profile". 
  3. ↑ http://www.superbrands.com/lkb1/pdf/hayleys.pdf
  4. ↑ http://www.douglashistory.co.uk/history/articles/percy_douglas.htm
  5. ↑ 5.0 5.1 http://business.highbeam.com/company-profiles/info/951868/hayleys-plc
  6. ↑ http://print.dailymirror.lk/business/127-local/10926-hayleys-records-highest-ever-profits-in-its-132-year-history.html
  7. ↑ http://www.srilankaequity.com/2010/05/sri-lanka-hayleys-hayl-records-highest.html
  8. ↑ http://www.insead.edu/facultyresearch/centres/isic/newsletter/documents/HayleysPLCAFocusingonCorporateResponsibility.pdf
  9. ↑ http://www.ft.lk/2012/09/04/hayleys-recognised-as-sri-lankas-most-nation-minded-corporate-entity/
  10. ↑ 10.0 10.1 http://www.sundaytimes.lk/130804/news/woes-of-weliweriya-water-war-55854.html
  11. ↑ http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=85532
  12. ↑ http://www.thesundayleader.lk/2013/08/11/weliweriya-water-protests-a-counter-point-of-view/
  13. ↑ http://www.ft.lk/2013/08/14/weliweriya-another-point-of-view/

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