Chipita Turkey

completed

Chipita Turkey (the “Company”) is the newly created subsidiary of Chipita S.A., a leading international company in the production and marketing of flour-based snacks and chocolate confectioneries, headquartered in Athens, Greece. Chipita S.A. operates globally through its own plants in Greece, Bulgaria, Romania, Poland, Russia and through joint ventures in Egypt, Saudi Arabia and Mexico. In addition, the Group has its own distribution companies in the Czech Republic, Germany, Hungary, Slovakia, Serbia and Ukraine. The Group exports its product in a number of other countries, including Australia, Central Asia and Western Europe. Chipita has decided to enter the Turkish market through building a new factory in Gebze, Izmit, a province nearby Istanbul. The proposed IFC long-term loan will finance this greenfield plant in Gebze that will operate with two production lines, with a total capacity of 410 pieces of packaged products per minute. The Company will produce and launch two products; cocoa cream and vanilla cream croissants using their ‘7 Days’ brand. Chipita expects to complete the construction by the end of September 2013 and start production in early 2014.