Global leader in tyre manufacturing and the top selling tyre brand in Sri Lanka, CEAT Limited launched a vibrant new logo in what the company titled an ‘evolutionary rebranding’ to reflect the rapid growth it has achieved in Sri Lanka over the past 24 months.
By Cassandra Mascarenhas
Successfully emerging out of the financial crisis with a 419% increase in PBT growth, highest ever sales recorded and a boost of 96% in exports in the year 2010 with more countries willing to buy from Sri Lanka, the rebranding represents the company’s new stance on the international platform.
The old logo which was represented by a red diamond backed by white lettering adjacent to a charging rhino has now been replaced by a more animated, streamlined logo with an energetic tricolor combination of blue, orange and white. To be used as the brand’s unified insignia on all product categories in 110 countries around the world, the new logo represents CEAT’s positioning as a contemporary and premium global brand.
New high performance products, new international markets, significant gains in market share and a fresh engagement with the community have given CEAT’s positioning as a contemporary and premium global brand,” said the CEAT Sri Lanka Managing Director, Randeep Narang speaking at the event where the company revealed its new logo. He stressed on the fact that this transformation represents much more than a mere logo change.
Narang also stated that CEAT Sri Lanka increased its profit after tax by more than five times over the previous year on sales of Rs. 5.4 million. Export revenue which grew by 96% and continues to be steady in the current year was heightened by the penetration of new markets including Egypt, Syria, Cambodia, Nigeria, Singapore, Dubai and Vietnam.
“With the adoption of the new logo, CEAT reaffirms its commitment to the values of youthful vibrancy, energy and international equity and I am very happy to be here as the CEAT Brand Change Envoy and look forward to taking the new image forward to their stakeholders, promoting their excellence and growth,” said the CEAT Brand Change Envoy Kumar Sangakkara.
CEAT market shares in the truck and light truck, three-wheeler and radial segments have grown to 59 per cent, 39 per cent and 18 per cent respectively making it the single highest selling brand in these said categories. CEAT-Kelani Holdings is an Indo-Sri Lanka joint venture between the RPG Group of India and Kelani Tyre Sri Lanka.