Summary of Proposed Investment
Project Number
7322
Company Name
Elginkan Holding A.S.
Date SPI Disclosed
May 18, 1996
Country
Turkiye
Industry
Manufacturing
Status
Completed
Sector
Pottery, Ceramic, and Plumbing Fixtures (Including Kitchenware)
Department
Regional Industry MAS MCT
Environmental Category
B - Limited
Previous Events
Approved : Jun 24, 1996
Signed : Feb 6, 1997
Invested : Jul 15, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Turkey-Elginkan Holding A.S. |
| Region | Europe |
| Sector |
Projected Board DateJune 20, 1996
Company NameElginkan Holding A.S. and four of the Elginkan Group’s operating companies viz. Serel, Elba, Valfsel and Valf as co-borrowers.
Technical Partner and/or Major Shareholders
Elginkan Holding which is 100% owned by Mr. Elginkan.
Project Cost Including proposed IFC investment
US$61 million including an IFC “A” Loan of up to US$20 million and an IFC “B” Loan of up to US$10 million.
Location of project and Description of site
The project consists of the expansion and modernization of four of the Elginkan Group’s larger engineering companies: (1) Serel has two factories: one in Manisa which produces ceramic sanitary ware and a second in Bilecik which manufactures floor tiles and wall tiles; (2) Elba has three manufacturing facilities at: Manisa which manufactures aluminum radiators, Orhangazi which manufactures die cast aluminum parts and aluminum alloy wheel rims, and Bursa which manufactures gasoline, oil and water pumps for the automotive industry, gas control valve fittings for domestic cooking ranges and thermostats for water heaters; (3) Valf has two factories: one in Istanbul which produces gas meters and regulating devices and the other in Manisa which produces gate valves, globe valves, ball valves, radiator valves, water meters, unions etc.; (4) Valfsel manufactures chrome-plated brass faucets, shower mixers and other bathroom fixtures.
Description of Company and Purpose of Project
The Elginkan Group is a privately held, medium sized industrial Group in Turkey with nine principal operating companies. Elginkan Holding is the holding company for the Group. The manufacturing operations of the Group can be combined into five business segments: armatures, ceramics and sanitary ware, heating products, components for the automotive industry and pharmaceuticals. With the entry of Turkey into the European Customs Union and in line with its strategy of product and market diversification, the Group plans to implement a three year US$61 million program which involves the expansion and modernization of the facilities of four of the Group’s larger engineering companies viz. Serel, Elba, Valf and Valfsel.
Environmental Category and Issues
This is an environmental review category B project; principal issues involve air emissions, liquid effluents, spill prevention, solid and liquid wastes, fire prevention, emergency response, and employee protection from noise, dust and chemical substances. Elginkan’s facilities generally comply with governmental regulations, but the company has prepared, in conjunction with IFC, a Corrective Action Plan (CAP) for upgrading the existing facilities to meet applicable World Bank guidelines; key actions include the installation of wastewater treatment and spill prevention improvements, and provisions for greater management oversight for environmental matters, and additional supervisory and employee safety training. The Environmental Review Summary is expected to be available on or about (at least 30 days before Board action date) from the Public Information Center.
The is from the Public Information Center.
| Date SPI sent to PIC | May 18, 1996 |
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
Related ESRS/ERS
