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Diesel Motor Engineering Company Limited (DIMO)
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Diesel & Motor
P.O.Box 339, 65,
Diesel & Motor Engineering PLC, was established in 1939 as a partnership by the late Messrs. T.S. Peries, P.D. Alexander, C.A. Algama and H.A. Algama who were entrepreneurs in their own right, along with the late Mr. F.K. Heller.
The Company began operations with a staff of 29. Initially business was only confined to automobile sales and servicing. This focus continued until 1945 when DIMO was incorporated as a Private Limited Liability Company.
In 1964, DIMO was converted into a Public Quoted Company by obtaining a listing at the Colombo Brokersâ€™ Association, as it was then known. What began as an automobile sales and servicing concern in1939, has since grown in size as well as in scope, and presently has a workforce of 862. The Company has a record of 68 years experience in the automobile and engineering industry and over the years has made a major contribution towards the development of the transportation sector in Sri Lanka.
DIMO is probably the oldest sole distributor for Mercedes-Benz Passenger and Commercial Vehicles, in the Asian Region. In Sri Lanka, DIMO is colloquially known as the â€œBenz Companyâ€.
Dimo Industries Ltd. and Dimo Ltd., were incorporated as wholly-owned subsidiaries in the 70â€™s. Dimo Industries Ltd., was established to manufacture automobile parts locally, while Dimo Ltd., was for the sale and service of Telecommunications, Power Engineering and Medical equipment.
In 1986 Hayleys Group acquired approximately 37% of the equity capital making DIMO an Associate Company of it. Hayleyâ€™s Group current holding is 28% of the equity. A New divisional organisational structure emerged in 1987 to support and nurture the development of the Company and to institutionalise the corporate management process.
The Dimo automobile training school; which is the only one of its kind in the private sector, was established in 1990 and sets a two-year course designed by Mercedes-Benz, to international standards.
DIMO is involved in a number of related fields and represents many prestigious principals. Daimler, TATA, Chrysler, MTU, Bosh, Komatsu, Siemens, Michelin, Osram, and Mahindra & Mahindra to name but a few. During the last two decades turnover from mere Rs.129 mn has grown to Rs.13 bn. The share capital has increased from Rs. 5 mn to Rs.121 mn through rights issues and capitalisation of reserves. The market capitalisation of the Company has increased from Rs. 518 mn to Rs.1.45 bn during this period. In 1996, the Company relocated its after sales and service workshops of commercial vehicles construction machinery and power systems at Siyambalape, Biyagama. The workshop complex is equipped with state-of-theart machinery and equipment. Presently, the Companyâ€™s showroom and branch network include the Mercedes-Benz/Chrysler/Tata Passenger car showroom located at R.A. De Mel Mawatha.
The Dimo Mart showroom located at Jetawana Road, and the Branch offices located at Kurunegala, Matara and Anuradhapura.
The Head Office at Jetawana Road is conveniently and spaciously located in an area of approximately 10,000 sq metres in a central commercial sector in Colombo. The complex houses the Companyâ€™s administrative and sales offices, passenger car and automotive workshops with its showrooms.
In 1998, Browns Dimo Industrial Products (Pvt) Ltd., was formed to undertake the activities of Dimo Industries Ltd. and Browns Group Industrial Products Ltd, a subsidiary of Brown and Company Ltd. Dimo and Browns own 45% each of the equity of this new company whilst the balance 10% is held by the DFCC Bank.
The commencement of commercial production during the year 2006 of the tyre re-treading at Homagama is another important milestone.
With the implementation of the new Companies Act, the Company is deemed to have changed its name to Diesel & Motor Engineering PLC.
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