|
|
 |
 |
|
Summary of Project Information (SPI) |
|
| |
| Project number | 8850 |
| Project name | SEF West Export-Import |
| Country | Slovakia |
| Sector | Chemicals |
| Department | Global Manufacturing & Services |
| Company name | West Import Export Company v.o.s. |
| Environmental category | B |
| Date disclosed | May 14, 1998 |
| Status | Completed |
| Previous Events | Invested: December 24, 1999
Signed: October 29, 1998
Approved: July 15, 1998 |
|
Summary Of Project Information (SPI)
| Project Name | Slovakia-West Pharmaceuticals |
| |
| Region | Europe |
| Sector | |
Project No008850
Projected Board DateJune 15, 1998
Company NameWest Export Import Company v.o.s.
Technical Partner and/or Major Shareholders
WEST is one of three companies, all established in 1992 and managed/controlled by Mr. Pascal G.F.V. Ergo, a Belgian national resident in Slovakia. West Consult, a financial consulting service, and West Information Systems, an information system supplier, provide services to WEST (invoiced at market price) and to other companies. Mr. Ergo has a degree in applied economics and has prior experience in international trade. Mr. Ergo’s expertise in computerized management systems is a strong element in the technological infrastructure of the Company. Mr. Luc Wildiers, a Belgian national with 20 years experience in corporate finance, provides financial advisory services to the Company. After project completion, the Company will need to increase from 69 employees (local) to approximately 80 employees.
Project Cost Including proposed IFC investment
Total project cost for this expansion project is approximately USD 5,500,000. IFC has been invited to provide a senior loan of up to USD 2,763,000 equivalent.
Location of project and Description of site
West's headquarters are located in Prešov, eastern Slovakia and are currently rented. The project will provide for purchase and refurbishment of two existing warehouses in Senec (western Slovakia) and Prešov, as well as the purchase of a new warehouse in Banska Bystrica (central Slovakia).
Description of Company and Purpose of Project
WEST intends to expand the Company’s warehouse facilities in Prešov and Senec on purchased land, and purchase or lease an extra warehouse facility in central Slovakia; upgrade existing and acquire new inventory control and routing technologies; expand the Company’s fleet of vehicles; enhance the computer infrastructure; and increase the Company’s product inventory. WEST’s current business activities include: (i) import and distribution of pharmaceutical products produced by a range of established, foreign and domestic drug companies, (ii) warehouses in Prešov (eastern Slovakia) and Senec (30 km outside of Bratislava), and (iii) re-packaging of pharmaceuticals to include local language inserts and packages. The Company serves as distributor for 18 foreign and domestic pharmaceutical companies, and has traditionally focused on supplying hospitals and private pharmacies as well as repackaging and translation of product information into the Slovak language as required by new legislation. As part of its vertical integration policy, the Company is enhancing the services it provides to its supplier companies, to include marketing and computerized accounting services. The Company is presently expanding its product range to include over-the-counter products with a broader distribution and higher profit margins.
In the Slovak Republic, the transformation to a market economy has been accompanied by reform of the country’s health care system. More emphasis is put on private initiative, which should bring about a needed increase in efficiency as well as enhancement in the quality of services and care provided to patients. The Project will contribute to the improvement of the health care system by increasing the efficiency of distribution of medical supplies and making them available at affordable prices, even in remote regions of Slovakia. An innovator in terms of introducing western business practices into this market, WEST considers this project an opportunity to increase its market share while setting the standard for reliable and ethical business practices in the region.
Environmental Category and Issues
This is a category B project according to IFC’s environmental review procedure. The project does not involve a manufacturing process of any kind. Environmental, occupational and safety issues associated with this project include: land use issues at the new warehouse sites; disposal of expired pharmaceutical products; adverse drug effects and product recalls; fire prevention and emergency response; workplace health and safety; handling of controlled (narcotic) substances. The sponsor has provided information to demonstrate that this project will comply with World Bank guidelines and policies.
The is available from the Public Information Center.
| Host country location of environmental documents | IFC Resident Mission, Bratislava, Slovakia |
Date SPI sent to PIC May 14, 1998
“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
L:\SPI\SP8850.DOC
May 11, 1998 9:53 AM |
|
| 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). |
|
|
|