|
| Description of company and purpose of project |
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. |
|
| Project sponsor and major shareholders of project company |
| SP is an established private Turkish company owned by jointly and equally by two individuals, Rifat Kamhi, Mordo Danon as well as other small shareholders (0.3%). The company also owns 98% of its Bulgarian subsidiary, which was established in 2004. |
|
| Total project cost and proposed IFC investment |
| IFC’s proposed investment is still to be determined but it will be below 25% of the company’s total assets. |
|
| 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 1,335 employees. |
|
| Project Development Impact and IFC's Role |
Development Impact:
The funding will facilitate the improvement of operational efficiencies at one of Turkey’s largest auto parts company, allowing it to compete effectively in world markets. The investment is expected to create value in Turkey by supporting a local company growing into a leading player in the European market. It will also enhance the competitiveness of locally-based OEMs in growing their businesses, both nationally and in the region.
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
- financing a new mid-sized Turkish client: IFC’s country strategy for Turkey highlights the need for IFC to move away from repeat clients and to fund second tier companies. SP is both a new client and mid-sized local company. |
|
| Environmental and social issues - Category B |
This is a category B project according to IFC's Environmental and Social Review Procedure. Key issues reviewed during the appraisal of SP’s operations include: air emissions treatment and quality; wastewater treatment and disposal; materials storage and handling (including fuel and other oils); solid and hazardous waste management and disposal; site contamination and possible cleanup; employee health and safety (including training); and environment, health and safety (EHS) organization and management. An environmental due diligence was also conducted by an outside consultant.
To view the environmental documents for this project, click here |
|
| Location of environmental documents in locally affected community |
Environmental documentation will be made available on notification and news boards in the following locations:
Duzce Plant: Konuralp Hamamalti, Mevkii, 14450 Duzce
SPBulgaris Plant: Standard Profil Bulgaria AD, 12 Nikola Petrov Str 6000, Stara/Zagora, Bulgaria
Istanbul office: Cumhuriyet Caddesi No. 16/7, Kahan 34367, Elmadag, Turkey |
|
| To contact the project company, please write to: |
Faheen Allibhoy, Investment Officer
International Finance Corporation
E-mail: fallibhoy@ifc.org |
|