Summary of Proposed Investment
Project Number
11627
Company Name
TURKIYE SISE VE CAM FABRIKALARI ANONIM SIRKETI
Date SPI Disclosed
Dec 26, 2002
Country
Turkiye
Industry
Manufacturing
Projected Board Date
Jan 31, 2003
Status
Completed
Sector
Glass and Glass Products (Including Glass and Mineral Wool)
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Mar 13, 2003
Signed : Mar 31, 2003
Invested : May 15, 2003
Project Description
The Sisecam Group is one of the largest grass producers in Europe and the industry leader in Turkey. Its companies are engaged in the production and sales of variety of glass products and glass related chemicals. The group''s principal companies include
- Trakya Cam Sanayii A.S. (float glass);
- Pasabahce Cam Sanayii ve Ticaret A.S. (glass tableware);
- Anadolu Cam Sanayii A.S. (glass packaging);
- Cam Elyaf Sanayii A.S. (glass fiber); and
- Pasabahce Eskisehir Cam Sanayii ve Ticaret A.S. (glass tableware)
IFC will provide the proposed corporate loan to the Sisecam Group, who has had a long standing relationship with IFC, to finance its major expansion and modernization program. Such long-term financing is not otherwise available, because the Turkish financial crisis, which started in November 2000, has caused domestic and foreign financial sources to shrink significantly.
The total amount of the capital expansion is estimated at $150 million and the project is expected to include the following:
(i) Investments in environmental enhancements, modernization and furnace repairs of existing production lines in Turkey;
(ii) Trakya Cam (Float Glass) furnace cold repair and modernization;
(iii) Pasabahce-Eskisehir (Tableware) B furnace;
(iv) Cam Elyaf (Fiber Glass) expanding furnace capacity; and
(v) Trakya Cam (Float Glass) expanding capacity in automotive glass.
- Trakya Cam Sanayii A.S. (float glass);
- Pasabahce Cam Sanayii ve Ticaret A.S. (glass tableware);
- Anadolu Cam Sanayii A.S. (glass packaging);
- Cam Elyaf Sanayii A.S. (glass fiber); and
- Pasabahce Eskisehir Cam Sanayii ve Ticaret A.S. (glass tableware)
IFC will provide the proposed corporate loan to the Sisecam Group, who has had a long standing relationship with IFC, to finance its major expansion and modernization program. Such long-term financing is not otherwise available, because the Turkish financial crisis, which started in November 2000, has caused domestic and foreign financial sources to shrink significantly.
The total amount of the capital expansion is estimated at $150 million and the project is expected to include the following:
(i) Investments in environmental enhancements, modernization and furnace repairs of existing production lines in Turkey;
(ii) Trakya Cam (Float Glass) furnace cold repair and modernization;
(iii) Pasabahce-Eskisehir (Tableware) B furnace;
(iv) Cam Elyaf (Fiber Glass) expanding furnace capacity; and
(v) Trakya Cam (Float Glass) expanding capacity in automotive glass.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mrs. Aytac Mutluguller, Assistant Finance Manager
Sise ve Cam Fabrikalani A.S., Is Kuleleri, Kule II - Kat 24, 80620 - 4, Levent, Istanbul, Turkey.
Phone: (90) 212 350 3480
Fax: (90) 212 350 529
Email: Amutluguller@sisecam.com.tr
Sise ve Cam Fabrikalani A.S., Is Kuleleri, Kule II - Kat 24, 80620 - 4, Levent, Istanbul, Turkey.
Phone: (90) 212 350 3480
Fax: (90) 212 350 529
Email: Amutluguller@sisecam.com.tr