Nedex was established in 1999 by two brothers – Derun Unluer, a mechanical engineer, and Belig Unluer, a metallurgical engineer. It is owned by the Unluer family. The company produces chemical products used in the manufacture of insulated glass units, such as double- and triple-glazed windows (molecular seals, polysulfide sealants, warm-edge spacers and aluminium spacers). Nedex products are currently being produced in Bulgaria, Germany, Kazakhstan, Russia, Turkey and Ukraine. The company employs about 500 people.
Nedex is constantly investing into new product development, which is financed by personal assets or short-term loans. EBRD financing will allow the company the opportunity for longer-term financial planning and will also support further growth of the business.
The loan was made under the EBRD’s Local Enterprise Facility (LEF), which is a financing facility for direct investments in small and medium-sized enterprises (SMEs) in Turkey, south-eastern Europe and the southern and eastern Mediterranean (SEMED) region. To date, over €318 million in equity and debt financing has been mobilised under the LEF, to 66 SMEs.
The facility is supported by the government of Italy, the EBRD Shareholder Special Fund and the SEMED Multi Donor Account, to which Australia, Finland, France, Italy, Germany, Netherlands, Norway, Sweden and the United Kingdom contribute.