26591 - Posuda LLC

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Summary of Proposed Investment

Project Number

26591

Company Name

POSUDA, OOO

Date SPI Disclosed

Mar 14, 2008

Country

Russian Federation

Industry

Manufacturing

Projected Board Date

Apr 15, 2008

Status

Completed

Sector

Glass and Glass Products (Including Glass and Mineral Wool)

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : May 13, 2008
Signed : May 20, 2008
Invested : Jun 11, 2008

Project Description

The project involves the expansion of a glassware plant Posuda Ltd (Posuda or the company) located in Nizhny Novgorod region, 500 km from Moscow. Posuda was established in 2000 and acquired at the end of 2003 by the Sisecam Group from Turkey (Sisecam or the sponsor), the leading glass manufacturer in Turkey and a major player in the Russian glassware market. Sisecam Group is a long-standing IFC client.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	40.0
Equity

Development Impact

The development impact of this investment is expected to be high since it involves the transfer of modern production methods by Sisecam to Russia. It will also support direct and indirect employment in the town of Bor, Nizhny Novgorod region, where Posuda is one of the two major employers, the other being a former IFC client, BGW. Further, Sisecam will provide training to local staff on best practice production techniques as well as transfer glassware management skills. The project is also expected to have a positive impact on the environment because the new furnace consumes less energy resulting in cost savings and cleaner production. Finally, Posuda will raise industry standards producing high quality products at competitive prices thus substituting imports.

The Posuda project is one of several in a series of South South investments undertaken by Sisecam with IFC. The project fits well with IFC’s strategy to support sustainable growth and economic diversification in Russia through investments in the real sector, including in the glassware industry. This foreign direct investment by Sisecam will further help promote economic cooperation between Turkey and Russia as well as neighboring countries through exports. IFC’s involvement is also expected to assist the company in the area of environmental standards.

This is a Category B project according to IFC’s Environmental and Social Review Procedure (ESRP) because the project has limited potential adverse social and environmental impacts that are few in number, site-specific, largely reversible and may be readily mitigated. Environmental, social, health and safety issues associated with this project include:

- Air emissions control, and effluent and waste management including monitoring;
- Cumulative impacts on ambient air conditions due to the presence of industrial plants in the area;
- Housekeeping and occupational health and safety issues;
- Corporate capacity in environmental management; and
- Sustainable community relations and initiatives.

Further details are provided in the Environmental and Social Review Summary available separately with this document as well as on IFC’s website.

Contacts

For Inquiries About the Project, Contact

Ms.Aytac Mutluguller
Finance Director
212-3503480
212-3505036
Is Kuleleri Kule 3, 34330 4.
Levent, Istanbul

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Local Access of Project Documentation

Posuda Ltd 606443 Nizhegorodsky Region, Bor Steklozavodskoe shosse, 16a Russia

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. 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 Policy on Disclosure of Information that went into effect April 30, 2006.

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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