24940 - Standard Profil

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Summary of Proposed Investment

Project Number

24940

Company Name

STANDARD PROFIL OTOMOTIV SANAYII VE TICARET ANONIM SIRKETI

Date SPI Disclosed

Mar 3, 2006

Country

Turkiye

Industry

Manufacturing

Projected Board Date

Apr 3, 2006

Status

Completed

Sector

Motor Vehicle Parts

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Apr 20, 2006
Signed : May 18, 2006
Invested : Aug 25, 2006

Project Description

Established in 1977 and headquartered in Istanbul, Standard Profil (SP or the company) is the largest manufacturer of automotive sealing systems in Turkey. Its product line includes a wide range of rubber seals such as door seals, trunk seals, engine cover seals and rear window gaskets. These products are sold to various Original Equipment Manufacturers (OEMs) in the automobile industry who use them in the vehicle production process.

IFC is considering an investment in the company.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	18.02
Equity	3.57

Development Impact

Development Impact:

The funding will facilitate the improvement of operational efficiencies at one of Turkey’s largest auto parts company, allowing it to compete effectively in world markets. The investment is expected to create value in Turkey by supporting a local company growing into a leading player in the European market. It will also enhance the competitiveness of locally-based OEMs in growing their businesses, both nationally and in the region.

IFC’s role in this transaction includes:

- supporting the Turkish automotive parts sector by funding a local company that is competitively and geographically well-positioned to serve European markets; and
- financing a new mid-sized Turkish client: IFC’s country strategy for Turkey highlights the need for IFC to move away from repeat clients and to fund second tier companies. SP is both a new client and mid-sized local company.

This is a category B project according to IFC''s Environmental and Social Review Procedure. Key issues reviewed during the appraisal of SP’s operations include: air emissions treatment and quality; wastewater treatment and disposal; materials storage and handling (including fuel and other oils); solid and hazardous waste management and disposal; site contamination and possible cleanup; employee health and safety (including training); and environment, health and safety (EHS) organization and management. An environmental due diligence was also conducted by an outside consultant.
Location of environmental documents In locally affected community
Environmental documentation will be made available on notification and news boards in the following locations:

Duzce Plant: Konuralp Hamamalti, Mevkii, 14450 Duzce

SPBulgaris Plant: Standard Profil Bulgaria AD, 12 Nikola Petrov Str 6000, Stara/Zagora, Bulgaria

Istanbul office: Cumhuriyet Caddesi No. 16/7, Kahan 34367, Elmadag, Turkey

Contacts

For Inquiries About the Project, Contact

Faheen Allibhoy, Investment Officer
International Finance Corporation
E-mail: fallibhoy@ifc.org

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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