Summary of Proposed Investment
Project Number
4608
Company Name
INDUSTRIA COLOMBIANA DE LLANTAS S A
Date SPI Disclosed
Feb 5, 2010
Country
Colombia
Industry
Manufacturing
Status
Completed
Sector
Automotive Tires
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Dec 16, 1994
Signed : Dec 16, 1994
Invested : Dec 21, 1994
Project Description
SUMMARY OF PROJECT INFORMATION (SPI)
Project Name Colombia-ICOLLANTAS
Region Latin America & Caribbean
Sector Industry
Project No 004608
Projected Board Date June 22, 1995
Company Name Indústria Colombiana de Llantas S.A.
Technical Partner and/or Major Shareholders
Corporación Financiera del Valle S.A., the second largest private finance company in Colombia owns 80.9% of Icollantas'' common shares. The Grupo Mazuera-Villegas, a major Colombian construction and real estate group owns another 15.8% of the shares outstanding. In December 1994, IFC subscribed to 2.8% of Icollantas'' common shares. The Company has license and technical assistance agreements with Uniroyal Goodrich Licensing Services, (the licensing division of Michelin S.A.).
Project Cost including proposed IFC investment
US$61.5 million
Location of project and Description of site
Headquarters in Cali, Colombia; plants in Bogota and Cali
Description of Company and Purpose of Project
Icollantas was founded in 1942 and merged with another Colombian tire company in 1994 to create the largest tire producer in Colombia with a 55% share of the domestic market. The Company is undertaking a US$53.5 million project to modernize and specialize its radial tire production facilities in Cali and to modernize and specialize its bias-ply tire plant in Bogota. The Company is also considering other investments/acquisitions in Latin America. A Summary of Project Information (SPI) for a proposed US$14 million IFC loan and US$5 million equity investment was filed with the PIC on November 23, 1994.
Environmental Categories and Issues
The previous IFC investment was designated category B according to IFC''s environmental review procedure. Environmental issues associated with this project include air emissions, liquid effluent, solid waste management and PCB containing transformer oil. Occupational health and safety issues include general worker safety, record keeping on accidents and noise protection. As a condition to IFC''s loan financing, the Company has agreed to comply with World Bank guidelines and Colombian environmental regulations.
The Environmental Review Summary was filed with the PIC on November 30, 1994.
Date SPI sent to PIC May 31, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Project Name Colombia-ICOLLANTAS
Region Latin America & Caribbean
Sector Industry
Project No 004608
Projected Board Date June 22, 1995
Company Name Indústria Colombiana de Llantas S.A.
Technical Partner and/or Major Shareholders
Corporación Financiera del Valle S.A., the second largest private finance company in Colombia owns 80.9% of Icollantas'' common shares. The Grupo Mazuera-Villegas, a major Colombian construction and real estate group owns another 15.8% of the shares outstanding. In December 1994, IFC subscribed to 2.8% of Icollantas'' common shares. The Company has license and technical assistance agreements with Uniroyal Goodrich Licensing Services, (the licensing division of Michelin S.A.).
Project Cost including proposed IFC investment
US$61.5 million
Location of project and Description of site
Headquarters in Cali, Colombia; plants in Bogota and Cali
Description of Company and Purpose of Project
Icollantas was founded in 1942 and merged with another Colombian tire company in 1994 to create the largest tire producer in Colombia with a 55% share of the domestic market. The Company is undertaking a US$53.5 million project to modernize and specialize its radial tire production facilities in Cali and to modernize and specialize its bias-ply tire plant in Bogota. The Company is also considering other investments/acquisitions in Latin America. A Summary of Project Information (SPI) for a proposed US$14 million IFC loan and US$5 million equity investment was filed with the PIC on November 23, 1994.
Environmental Categories and Issues
The previous IFC investment was designated category B according to IFC''s environmental review procedure. Environmental issues associated with this project include air emissions, liquid effluent, solid waste management and PCB containing transformer oil. Occupational health and safety issues include general worker safety, record keeping on accidents and noise protection. As a condition to IFC''s loan financing, the Company has agreed to comply with World Bank guidelines and Colombian environmental regulations.
The Environmental Review Summary was filed with the PIC on November 30, 1994.
Date SPI sent to PIC May 31, 1995
For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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