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| This Summary of Project Information is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. |
Summary of Project Information (SPI) |
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| Project number | 11627 |
| Project name | Sise ve Cam Expansion |
| Country | Turkey |
| Sector | Nonmetallic Mineral Product Manufacturing |
| Department | Global Manufacturing & Services |
| Company name | Türkiye Sise ve Cam Fabrikalari, A.S. |
| Environmental category | B |
| Date SPI disclosed | December 26, 2002 |
| Projected board date | January 31, 2003 |
| Status | Active |
| Previous Events | Invested: May 15, 2003
Signed: March 31, 2003
Approved: March 13, 2003 |
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| Project sponsor and major shareholders of project company |
| The project sponsor is Turkiye Sise ve Cam Fabrikalani A.S. (TSCFAS), the holding company of the Turkiye Sise ve Cam Fabrikalani A.S. Group (Sisecam Group). The Sisecam Group was established in 1935 in the Republic of Turkey by Turkiye ls Bankasi A.S. (Is Bank), one of the largest commercial banks in the country. The shares of TSCFAS are traded on the Istanbul Stock Exchange, but Is Bank has a controlling interest and currently owns about 66.1% of TSCFAS's capital. |
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| Total project cost and proposed IFC investment |
| TSCFAS has requested IFC's support to finance the various capital expansion projects of the Sisecam Group companies in Turkey. The proposed IFC investment will be an A loan of up to $40 million for IFC's own account and a B loan of up to $40 million for the account of participants. |
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| Location of project and description of site |
| The Sisecam Group is headquartered in Istanbul, Turkey. The Sisecam Group's plants are strategically located all over Turkey as well as in Bulgaria with convenient access to raw materials, power and energy sources, transportation facilities, and customers. |
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| Description of company and purpose of project |
The Sisecam Group is one of the largest grass producers in Europe and the industry leader in Turkey. Its companies are engaged in the production and sales of variety of glass products and glass related chemicals. The group's principal companies include
- Trakya Cam Sanayii A.S. (float glass);
- Pasabahce Cam Sanayii ve Ticaret A.S. (glass tableware);
- Anadolu Cam Sanayii A.S. (glass packaging);
- Cam Elyaf Sanayii A.S. (glass fiber); and
- Pasabahce Eskisehir Cam Sanayii ve Ticaret A.S. (glass tableware)
IFC will provide the proposed corporate loan to the Sisecam Group, who has had a long standing relationship with IFC, to finance its major expansion and modernization program. Such long-term financing is not otherwise available, because the Turkish financial crisis, which started in November 2000, has caused domestic and foreign financial sources to shrink significantly.
The total amount of the capital expansion is estimated at $150 million and the project is expected to include the following:
(i) Investments in environmental enhancements, modernization and furnace repairs of existing production lines in Turkey;
(ii) Trakya Cam (Float Glass) furnace cold repair and modernization;
(iii) Pasabahce-Eskisehir (Tableware) B furnace;
(iv) Cam Elyaf (Fiber Glass) expanding furnace capacity; and
(v) Trakya Cam (Float Glass) expanding capacity in automotive glass. |
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| Environmental and social issues - Category B |
This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects, because a limited number of specific environmental and/or social impacts may result which, can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
To view the environmental documents for this project, click here
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| Location of environmental documents in locally affected community |
| The environmental documents will be available at the Sisecam Group's headquarters (Is Kuleleri, Kule II - Kat 24, 80620 - 4, Levent, Istanbul, Turkey) and at each plant involved in this project. For the exact location of each company please contact Mrs. Aytac Mutluguller, Assistant Finance Manager, Sise ve Cam Fabrikalani A.S. (see below for contacts). |
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| To contact the project company, please write to: |
Mrs. Aytac Mutluguller, Assistant Finance Manager
Sise ve Cam Fabrikalani A.S., Is Kuleleri, Kule II - Kat 24, 80620 - 4, Levent, Istanbul, Turkey.
Phone: (90) 212 350 3480
Fax: (90) 212 350 529
Email: Amutluguller@sisecam.com.tr |
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