With some of the American companies operating in China moving to other countries due to the Article 301 tariffs imposed by the United States on China, Shield and AmSafe Bridport operating under Transdigm Group are moving to Sri Lanka.
Moving out of China, the company’s latest factory has been set up in the export processing zone of Divulapitiya with an investment of USD 8.5 million.
The venture will create more than 500 direct jobs with high wages. The companies are pioneers in the design and manufacture of engineered textile solutions for the safety and security needs of the global aerospace and defense markets.
With more than 16,000 employees worldwide, the company is currently valued at US$6.6 billion ($6.6B).
The foundation stone laying for the factory will be held on October 31 and will be attended by the American Ambassador to Sri Lanka Julie Chang, the Board of Investments said.