Page 38 - ELITE PLUS MAGAZINE VOL8

Panichewa, a well known business- man, as managing director.Could you say more on TTL Industries?TTL was founded almost 50 years ago by Dej Boon-long and General Pramarn Adireksarn, my grandfather. When the business passed to the second generation, my father took over as president while Kerati Panichewa and Chokedee Boon-long served as vice-president. TTL Indus- tries had been administered through the cooperation of four families, namely Adireksarn, Boon-long, Panichewa and Srifuengfung. Back when Field Marshal Plaek Phibun- songkhram was prime minister, TTL was commissioned to produce textiles for uniforms in government organiza- tions. Our company gained a good reputation from customers and that continues now.36 Elite+Considering that success, why does TTL need a transformation?Actually our business is still profitable, but a great change happened in 2011 when the floods hit Thailand. The disaster inflicted tremendous damage on the Don Mueang area, where a TTL factory was located. Water 1.8 metres high submerged the factory for over two months. Another weaving factory in the Rangsit area was also significantly damaged. When the crisis was resolved and we received compensa- tion from the insurance company, the board met to discuss whether we should continue the business in the same way. If we had continued, millions would have been invested again to restore our production base. Moreover, the textile sector is considered one of the sunset indus- tries. TTL is not flourishing like it was 40 years ago. New competitors fromcountries such as Vietnam, China, Indonesia, Bangladesh and India have penetrated the market. Due to the 300 baht minimum-wage policy of the past government, our ability to compete is reduced while a great amount of money is needed for marketing. So we decided to stop operating a textile business.What changes will we see in TTL Industries?We are moving forward into a new business. However, because the company is in the stock market, we are not able to reveal it until the study by the National Institute of Development Administration (NIDA) and DTZ are completed. The former factory is situated at a good location two kilometres from Don Mueang Airport and next to Vibhavadi Rangsit Road and Phahon Yothin Road on the other side. So shareholders can be assured