IFC Supports Leading Argentinean Aluminum Producer to Boost Employment and Exports

In London:  
Carmen Powell 
Phone: +44 207 286 5439 
E-mail: cpowell@ifc.org 

In Washington, D.C.:  
Adriana Gomez
Phone :  (202) 458 5204 
E-mail : agomez@ifc.org 




Washington, D.C., October 19, 2009—IFC, a member of the World Bank Group, is 
providing $25 million in an equity investment to Aluar Aluminio Argentino Saic, 
Argentina’s sole aluminum producer, to support the company’s expansion and 
contribute to local employment growth.  

IFC’s investment will contribute to expand Aluars´ primary aluminum production 
plant, which is located in Puerto Madryn in southern Argentina. The company 
employs more than 2,200 people and generates business for distributors and 
small and medium enterprise suppliers.  

In addition to about 1200 jobs generated during the construction phase, Aluar’s 
investment program will create about 80 direct jobs and an estimated 300 
indirect jobs, and aims to boost the company’s exports. IFC’s investment is 
part of Aluar’s $316 million capital increase to capitalize the firm. 

Javier Madanes Quintanilla, Aluar’s CEO, said, “We look forward to a long-term 
partnership with IFC, an organization that brings unique expertise and global 
experience to its partners.” 

Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said, 
“We are happy to support Aluar, a locally sponsored company in Argentina with 
an excellent track record, well-articulated long-term strategy, and commitment 
to sustainable business” 

The company has more than 30 years of experience in Argentina, and its strong 
commitment to the long- term development of the business is reflected in its 
on-going export-enabling investment program.  

IFC’s strategy promotes Argentine business expansion into other emerging 
markets, encourages corporate social responsibility, and protects natural 
resources through environmentally sustainable business practices. In Argentina, 
IFC supports export-oriented sectors and financial institutions, especially 
those that provide financial services to low-income borrowers. 

About IFC 
IFC, a member of the World Bank Group, creates opportunity for people to escape 
poverty and improve their lives. We foster sustainable economic growth in 
developing countries by supporting private sector development, mobilizing 
private capital, and providing advisory and risk mitigation services to 
businesses and governments. Our new investments totaled $14.5 billion in fiscal 
2009, helping channel capital into developing countries during the financial 
crisis. For more information, visit www.ifc.org. 

About Aluar 
With more than 30 years of operations, Aluar is an important company in 
Argentina. It employs more than 2,200 people, generates business to 
distributors and small and medium enterprise suppliers, and actively engages in 
the communities in which its industrial units are installed. Aluar manufactures 
primary aluminum, semi- fabricated, and fabricated products that are used in 
the transport industry, building, packaging, electrical conductors, and 
kitchenware. It exports about 70 percent of its production and the remaining 30 
percent is sold on the domestic market. For more information, visit 
www.aluar.com.ar.