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Summary of Project Information (SPI) |
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| Project number | 9177 |
| Project name | Parmalat Romania S.R.L. |
| Country | Romania |
| Sector | Agriculture and Forestry |
| Department | Agribusiness |
| Company name | Parmalat Romania S.r.l. |
| Environmental category | B |
| Date disclosed | March 26, 1999 |
| Status | Hold |
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Summary Of Project Information (SPI)
| Project Name: | Romania: Parmalat Romania (ParRo) |
Region:Central and Southern Europe
Sector:
Project No:009177
Projected Board Date:April 26, 1999
Company Name:Parmalat Romania S.A.
Technical Partner and/or Major Shareholders
Parmalat Romania was established in 1996 as a majority controlled subsidiary of Parmalat S.p.A., a multinational food company. The Company was established as an import trading company to trade in Parmalat's products. Following the capital increase, the Company's major shareholder will be Parmalat S.p.A. and its affiliates.
Project Cost Including proposed IFC investment
Total project cost is estimated at US$16.4 million. IFC is considering to make an up to US$3.6 million equity investment.
Location of project and Description of site
The greenfield plant will be located in Tunari, about 15 km from Bucharest on the city's ring road. The proposed site occupies 2.8 ha. It forms part of a light industrial zone which includes a number of food industry companies. The land was acquired in private sale and the sponsor has confirmed that sale did not result in displacement.
Description of Company and Purpose of Project
Parmalat S.p.A. is a 100 per cent owned subsidiary of Parmalat Finanziaria S.p.A., a listed company incorporated in Italy. Its business is concentrated in milk and its derivatives, fruit juices and bakery products. Building on its successful track record in emerging markets, Parmalat is expanding its operations in Central and South-Eastern Europe by implementing the project in Romania.
The project will help rejuvenate the dairy industry in Romania by improving quality to international standards and generating employment (direct employment for 121 people). Through the use of the local farmers as raw material suppliers, the country's agricultural sector will benefit from development of the dairy farming industry. Through implementing the distribution network, the project will improve the quality and quantity of milk production and enhance payment, transportation and collection systems.
By investing in Parmalat Romania IFC would be helping to introduce new quality standards and improve the range of dairy and related products available for consumers in Romania.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. Key issues which were examined during review of this project included waste management, plant hygiene and worker health and safety. The sponsor has demonstrated that air emissions and liquid and solid wastes will all be handled according to World Bank Group guidelines. The plant has been designed to international and European Union standards for hygiene, operating conditions and fire protection and safety. The review has indicated that this proposed project will meet World Bank group environmental and health and safety policies and guidelines and host country requirements.
The is from the InfoShop.
| Date SPI sent to InfoShop: | March 26, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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| Environmental documents for this project are available at http://www.ifc.org/projects and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html). |
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