Haycarb

Haycarb is a Sri Lankan industrial company focused on the manufacture and international marketing of activated carbon produced primarily from coconut shells. The business was incorporated in 1973 and became a public company on the Colombo Stock Exchange in 1975. Its products are used in applications that require adsorption, purification, filtration, and energy-storage materials, linking the company to environmental treatment, industrial processing, mining, and newer technology markets. The company’s international expansion began with exports to Nevada in the United States in 1977 and the incorporation of SorbTech, a United States joint venture that represented one of Haycarb’s earliest overseas investments. Haycarb later developed a wider international presence through operations and commercial offices. Its manufacturing footprint includes Sri Lanka, Thailand, and Indonesia, while marketing offices have been located in the United States, the United Kingdom, and Australia. This combination of production near raw-material sources and sales coverage in major industrial markets has been central to its export-oriented business model. Haycarb expanded its manufacturing base in Thailand through the acquisition of Carbokarn in 1993, making Thailand its first overseas manufacturing location. In Indonesia, it established the PT Mapalus Makawanua Charcoal Industry plant in 2005. Its United States business evolved from SorbTech, later renamed Haymark in 1995 and fully acquired by Haycarb; Haymark was subsequently rebranded Haycarb USA in 2014. In Thailand, Carbokarn acquired all of the shares of Shizuka Company Limited in 2012. The company’s core proposition is based on converting coconut-shell charcoal into activated carbon for customers that need consistent purification performance. Haycarb has also sought to move beyond commodity products by developing value-added materials, including products associated with supercapacitors and other energy-storage applications. The company has reported substantial investment in research and development in support of these higher-value segments and has been identified as having entered a partnership with Tesla, although the available reference material does not specify the commercial scope or terms of that relationship. Sustainability is an important part of Haycarb’s corporate positioning. The company introduced a green logo in 2010 to emphasize a green supply chain and later obtained ISO 14001 environmental-management certification in 2011 and ISO 22000 food-safety-management certification in 2018. It has also introduced Haritha Angara, described as an environmentally friendly charcoal-production technique. Through Puritas, a Haycarb subsidiary, the Sathdiyawara corporate social responsibility project provided clean drinking water in areas of northern and north-central Sri Lanka affected by chronic kidney disease. The initiative received the water-category award at the 2017 Energy Globe Awards. Haycarb’s performance remains linked to cyclical demand in end markets. In 2015, weaker gold-mining demand, an important use for activated carbon, led to under-utilization of manufacturing capacity for a three-month period. Despite the effects of the COVID-19 pandemic, the company reported record revenue of LKR 25.4 billion for the financial year 2020/21, according to the cited reference material. Haycarb was ranked 44th in the LMD 100 ranking of Sri Lankan quoted companies by revenue in the 2020/21 edition. The company controls 15 subsidiaries, 11 of them incorporated outside Sri Lanka, and has been described as holding approximately 16% of the global activated-carbon market.

Haycarb was incorporated in Sri Lanka in 1973 and entered the Colombo Stock Exchange in 1975. From its early years, the company developed around coconut-shell charcoal and activated carbon, an exportable industrial material used in purification, filtration, mining, and other adsorption-related applications. Its first recorded export expansion took place in 1977, when Haycarb began shipping products to Nevada in the United States. It also incorporated SorbTech in the United States as a joint venture, an investment described as the company’s first overseas venture and one of the early examples of a Sri Lankan company expanding internationally. The business widened its commercial presence in the late 1980s, establishing operations or offices connected with the United Kingdom and Australia in 1989. Its first overseas manufacturing expansion came in Thailand in 1993 through the acquisition of Carbokarn. The United States joint venture SorbTech was renamed Haymark in 1995, after which Haycarb fully acquired the Haymark stake. Haycarb continued expanding its Southeast Asian production network with the opening of the PT Mapalus Makawanua Charcoal Industry plant in Indonesia in 2005. In Thailand, Haycarb’s Carbokarn joint venture acquired the entire shareholding of Shizuka Company Limited in 2012. The United States business was rebranded Haycarb USA in 2014, aligning the overseas operation more closely with the main corporate identity. By this period, the company had developed a manufacturing network in Sri Lanka, Thailand, and Indonesia and sales or marketing coverage in the United States, United Kingdom, and Australia. Haycarb refreshed its visual identity in 2010 with a green logo intended to communicate a stronger emphasis on sustainability and a green supply chain. It obtained ISO 14001 environmental-management certification in 2011 and ISO 22000 certification in 2018. The company also promoted Haritha Angara, an environmentally oriented technique for producing charcoal. These initiatives supported a positioning that linked the company’s raw-material base and industrial products with resource efficiency and environmental applications. The company has remained exposed to shifts in customer industries. A slowdown in gold-mining demand in 2015 led to three months of under-utilization at its manufacturing facilities. At the same time, Haycarb pursued growth in higher-value applications rather than relying solely on traditional activated-carbon demand. It invested in research and development and developed products associated with supercapacitors and other value-added carbon applications. The available reference material also records a partnership with Tesla, but does not provide sufficient detail to describe its scope, duration, or commercial results. Haycarb’s subsidiary Puritas undertook the Sathdiyawara project to provide clean drinking water in northern and north-central Sri Lankan communities affected by chronic kidney disease. The project received the water-category award at the 2017 Energy Globe Awards after a field that included more than 2,000 projects from 178 countries. This initiative became a prominent example of the company’s community and sustainability activity. Despite the disruption caused by the COVID-19 pandemic, Haycarb recorded revenue of LKR 25.4 billion in financial year 2020/21 according to the cited Wikipedia reference. It was placed 44th in the LMD 100 ranking of quoted Sri Lankan companies by revenue for that edition. In March 2021, Shamalie Gunawardena was appointed an independent non-executive director. The company was also selected as the subject of the CFA Society Sri Lanka annual research challenge in 2021. Haycarb is described as controlling 15 subsidiaries, 11 incorporated outside Sri Lanka, and as having approximately 16% of the global activated-carbon market.

• 2021

  Board appointment and research recognition

  [1]Haycarben.wikipedia.org

  Shamalie Gunawardena joined the board as an independent non-executive director, and Haycarb was selected as the subject of the CFA Society Sri Lanka annual research challenge.

• 2018

  ISO 22000 certification

  [1]Haycarben.wikipedia.org

  Haycarb obtained ISO 22000 certification.

• 2017

  Sathdiyawara wins Energy Globe water award

  [1]Haycarben.wikipedia.org

  Puritas’s clean-water initiative received the Energy Globe Awards water-category award.

• 2014

  Haymark rebranded as Haycarb USA

  [1]Haycarben.wikipedia.org

  The United States operation adopted the Haycarb USA name.

• 2012

  Shizuka acquisition

  [1]Haycarben.wikipedia.org

  Haycarb’s Thai joint venture Carbokarn acquired all shares of Shizuka Company Limited.

• 2011

  ISO 14001 certification

  [1]Haycarben.wikipedia.org

  Haycarb obtained ISO 14001 environmental-management certification.

• 2010

  Green visual identity introduced

  [1]Haycarben.wikipedia.org

  The company launched a green logo to express its emphasis on a green supply chain.

• 2005

  Indonesian manufacturing expansion

  [1]Haycarben.wikipedia.org

  Haycarb opened the PT Mapalus Makawanua Charcoal Industry plant in Indonesia.

• 1995

  Haymark formed and later fully acquired

  [1]Haycarben.wikipedia.org

  SorbTech was renamed Haymark, and Haycarb subsequently acquired the remaining stake.

• 1993

  First overseas manufacturing plant

  [1]Haycarben.wikipedia.org

  Haycarb acquired Carbokarn in Thailand, establishing its first overseas manufacturing operation.

• 1989

  Expansion into the United Kingdom and Australia

  [1]Haycarben.wikipedia.org

  Haycarb expanded its international commercial presence to the United Kingdom and Australia.

• 1977

  First United States exports

  [1]Haycarben.wikipedia.org

  Haycarb began exporting to Nevada and incorporated the SorbTech joint venture in the United States.

• 1975

  Colombo Stock Exchange listing

  [1]Haycarben.wikipedia.org

  The company was listed on the Colombo Stock Exchange.

• 1973

  Incorporation

  [1]Haycarben.wikipedia.org

  Haycarb was incorporated in Sri Lanka as a coconut-shell-based activated-carbon company.

An export-oriented, sustainability-focused activated-carbon specialist that combines coconut-shell feedstock, international manufacturing, application expertise, and development of higher-value carbon materials.

• Activated carbon

  Coconut-shell activated carbon

  Haycarb’s principal product area is activated carbon manufactured from coconut-shell charcoal. The material is processed to create a highly porous carbon structure capable of adsorbing impurities and unwanted compounds. It is supplied for applications including water and air purification, industrial filtration, chemical processing, and mining. Coconut-shell feedstock gives the company a distinctive raw-material base and supports its positioning as a specialist producer rather than a general chemicals manufacturer.

• Advanced carbon materials

  Value-added carbon products

  Haycarb has invested in research and development intended to extend its portfolio beyond conventional activated carbon. Its value-added products include carbon materials associated with higher-growth technology applications. The reference material specifically identifies supercapacitors as a target segment. These products are strategically important because they can expose the company to energy-storage and electrification markets while potentially reducing dependence on traditional end uses such as gold mining.

• Charcoal-production technology

  Haritha Angara

  Haritha Angara is an environmentally oriented charcoal-production technique introduced by Haycarb. The available reference material characterizes it as an environment-friendly approach, but does not provide technical specifications or quantified environmental results. It forms part of Haycarb’s broader effort to connect its production processes with green supply-chain and resource-efficiency objectives.

• 2017Sathdiyawara

  Sri Lanka

  Puritas, a Haycarb subsidiary, implemented Sathdiyawara to provide clean drinking water in northern and north-central Sri Lankan communities affected by chronic kidney disease.

  Outcome. The project won the water-category award at the 2017 Energy Globe Awards.

  Source

• 2021

  Pursue value-added carbon applicationsStrategy

  Background

  Haycarb identified value-added products, including supercapacitor-related materials, as a growth area and had increased research and development spending.

  Action taken

  The company developed higher-value carbon products and entered a partnership with Tesla, according to the cited reference.

  Aftermath

  The initiative positioned Haycarb toward energy-storage and electric-vehicle-related growth, although the available material does not specify the partnership’s detailed results.

  Source

• 2014

  Rebrand Haymark as Haycarb USAStrategy

  Background

  Haycarb had fully acquired the former Haymark stake and sought closer alignment between the United States operation and the corporate brand.

  Action taken

  Haymark was renamed Haycarb USA.

  Aftermath

  The United States business adopted the group’s primary identity.

  Source

• 2012

  Carbokarn acquires ShizukaM&A

  Background

  Haycarb’s Thai joint venture pursued additional local capacity and assets.

  Action taken

  Carbokarn acquired 100% of Shizuka Company Limited.

  Aftermath

  The transaction strengthened Haycarb’s Thai operating platform.

  Source

• 2010

  Adopt a green corporate identityStrategy

  Background

  Haycarb wanted its public identity to reflect a stronger emphasis on sustainability and supply-chain responsibility.

  Action taken

  The company introduced a green logo.

  Aftermath

  The green identity became associated with Haycarb’s sustainability positioning.

  Source

• 2005

  Establish Indonesian productionStrategy

  Background

  Haycarb continued expanding its manufacturing footprint in Southeast Asia.

  Action taken

  The company opened the PT Mapalus Makawanua Charcoal Industry plant in Indonesia.

  Aftermath

  Indonesia became the third country in Haycarb’s manufacturing network.

  Source

• 1993

  Acquire Carbokarn in ThailandM&A

  Background

  Haycarb sought to establish overseas manufacturing capacity and acquired Carbokarn in Thailand.

  Action taken

  The acquisition created Haycarb’s first overseas manufacturing operation.

  Aftermath

  Thailand became a significant part of Haycarb’s international production network.

  Source

1. 1Haycarben.wikipedia.org