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| Standard Profil II |
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| Summary of Proposed Investment |
| This Summary of Proposed Investment 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. Board dates are estimates only. |
| Project number | 26098 |
| Company name | Standard Profil Otomotiv Ticaret ve Sanayi A.S. |
| Country | Turkey |
| Sector | Industrial & Consumer Products |
| Environmental category | B |
| Department | Global Manufacturing & Services |
| Status | Active |
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| Date SPI disclosed | May 18, 2007 |
| Projected board date | June 20, 2007 |
| Previous Events | Invested: May 2, 2008
Signed: June 25, 2007
Approved: June 21, 2007 |
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| View Environmental & Social Review Summary (ESRS), click here |
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| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
Established in 1977 and headquartered in Istanbul, Standard Profil (SP or the company) is the largest manufacturer of automotive sealing systems in Turkey. Its product line includes a wide range of rubber seals such as door seals, trunk seals, engine cover seals and rear window gaskets. These products are sold to various Original Equipment Manufacturers (OEMs) in the automobile industry who use them in the vehicle production process.
IFC is considering an investment in the company. |
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| Project sponsor and major shareholders of project company |
| SP is an established private Turkish company owned by financial investors. Bancroft II, L.P., a private equity fund, is the controlling shareholder of SP. IFC also has shareholding in the company. |
| Total project cost and amount and nature of IFC's investment |
| Total project cost is estimated at EUR90 million. IFC is expected to provide long term financing (A loan) of EUR 22 million. |
| Location of project and description of site |
| The company’s Turkish production facilities are located in Duzce, 200 kms east of Istanbul and consist of two campuses and five plants. Its Bulgarian operations are located in the Stara Zagora region. The company has about 1,346 employees. |
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| Anticipated development impact of the project |
| The funding will support a key player in the Turkish auto parts sector, high growth sector with both local and export capabilities and high employment potential. The investment is expected to support innovation through the company’s R&D capacity that creates employment opportunities for highly skilled technicians within Turkey. The investment is expected to create value in Turkey by supporting a local company growing into a leading player in the European market. |
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| IFC's expected development contribution |
IFC’s role in this transaction includes:
- supporting the Turkish automotive parts sector by funding a local company that is competitively and geographically well-positioned to serve European markets; and
- providing global industry expertise to the company |
| Environmental and social issues - Category B |
| This is a project with minor environmental issues, related to emissions to air and water, energy use, effluent treatment and disposal and solid waste management. The most important social issues are related to labor and working conditions and occupational health and safety. Potential adverse impacts are minor and readily mitigable: this is an Environmental Category B project. |
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| For inquiries about the project, contact: |
Levent Aydinoglu
Bancroft Private Equity LLP
195 Brompton Road, London SW3 1NE
Tel: +44 (0) 20 7808 8522
Fax: +44(0) 20 7589 3442
Environmental documentation will be made available at the following locations:
On the gates of the plants in Duzce located at:
Konuralp Hamamalti Mevkii 81620 Duzce,Turkey
(Contact: Mr. Kadir Muratoglu),
Stara Zagora, located at 12 Nicolai Petkov Street,
Stara Zagora 6000,
Bulgaria (contact: Mr. Koycho Koychev). |
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| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
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