Sise ve Cam Expansion

completed

The Sisecam Group is one of the largest grass producers in Europe and the industry leader in Turkey. Its companies are engaged in the production and sales of variety of glass products and glass related chemicals. The group''s principal companies include - Trakya Cam Sanayii A.S. (float glass); - Pasabahce Cam Sanayii ve Ticaret A.S. (glass tableware); - Anadolu Cam Sanayii A.S. (glass packaging); - Cam Elyaf Sanayii A.S. (glass fiber); and - Pasabahce Eskisehir Cam Sanayii ve Ticaret A.S. (glass tableware)IFC will provide the proposed corporate loan to the Sisecam Group, who has had a long standing relationship with IFC, to finance its major expansion and modernization program. Such long-term financing is not otherwise available, because the Turkish financial crisis, which started in November 2000, has caused domestic and foreign financial sources to shrink significantly.The total amount of the capital expansion is estimated at $150 million and the project is expected to include the following:(i) Investments in environmental enhancements, modernization and furnace repairs of existing production lines in Turkey;(ii) Trakya Cam (Float Glass) furnace cold repair and modernization;(iii) Pasabahce-Eskisehir (Tableware) B furnace;(iv) Cam Elyaf (Fiber Glass) expanding furnace capacity; and(v) Trakya Cam (Float Glass) expanding capacity in automotive glass.