Project Description
Established in 1969 Soda Sanayii (‘Soda’ or the ‘Company’) is Turkey’s sole domestic synthetic soda and chromium producer. Soda has a foothold in foreign markets, namely through its subsidiary in Bosnia Herzegovina and joint venture with Solvay in Bulgaria in the soda ash business and Chromital in Italy in the chromium segment. Soda ranks among the top 10 soda ash producers in the world and fourth in Europe, with a 15% market share.
The project entails an IFC equity investment of up to US$25 million in Soda, in which Trakya Cam Sanayii A.S. (or ‘Trakya Cam’) and Anadolu Cam Sanayii A.S. (or ‘Anadolu Cam’) will be selling shares to IFC and which in turn are expected to use the proceeds in energy efficiency investments. Sisecam (or ‘Group’) has invited IFC to become a shareholder in Soda, as part of the Group’s program of eliminating cross-ownership in the Group.