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Summary of Project Information (SPI) |
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| Project number | 7469 |
| Project name | Armenia Tomato Company |
| Country | Armenia |
| Sector | Food & Beverages |
| Department | Agribusiness |
| Company name | Armenia Tomato Company |
| Environmental category | A |
| Date disclosed | May 10, 1996 |
| Status | Hold |
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Summary Of Project Information (SPI)
| Project Name | Armenia-Armenian Tomato Company (ATC) |
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| Region | Europe |
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Project No007469
Projected Board DateJune 20, 1996
Company NameArmenian Tomato Company
Technical Partner and/or Major Shareholders
ATC was established as a joint venture between P&E Food Production Technology Management, Inc. and the Etchmiadzin Cannery Enterprise, a recently privatized Armenian tomato paste and fruit juice processing plant. At present, P&E Food and management/employees of the Cannery each own 50 percent of ATC. P&E Food, a US company, is owned by Messrs. Peter Petrosian and Armand Ensanian, both American food industry executives of Armenian heritage. The Cannery is owned by its general director (37 percent), deputy general director (8 percent) and its remaining 180 employees and pensioners.
Project Cost Including proposed IFC investment
US$8 million (new financing only)
Location of project and Description of site
The Cannery is located in the town of Etchmiadzin, approximately 20 kilometers from Armenia’s capital, Yerevan. The site, which is owned by ATC, is located within a 25 kilometer radius of the tomato growers/suppliers and is approximately 125 kilometers from the apple growers/suppliers.
Description of Company and Purpose of Project
The project involves rehabilitation and modernization of a medium-size tomato paste and fruit juice processing facility in Etchmiadzin, Armenia, including the aquisition of modern evaporators and aseptic packaging equipment. The project will allow ATC to produce high-quality tomato paste and apple juice concentrate for export to European and CIS markets, as well as for domestic consumers. The project also entails agricultural extension services to assist the local tomato and apple growers. The investment would be IFC’s first in Armenia and would help the country revitalize its tomato and apple industries, recapture former CIS markets, and expand into new markets in Europe and elsewhere. The project would entail production for export and is, therefore, a foreign exchange earner.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure because speficic impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The following potential environmental, health and safety impacts of the ATC project were analyzed: site location; air emissions; liquid effluent treatment; solid wastes management; occupational health and safety; and social impact. Based on its review, IFC concludes that ATC’s proposed project will meet World Bank environmental, health and safety polices and guidelines, and host country requirements.
The is from the Public Information Center.
| Date SPI sent to PIC | May 10, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365 |
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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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