Translated version of this PSD: Croatian
The EBRD is providing a long term loan of EUR 20 million to the Aluflexpack group of companies (Aluflexpack Novi d.o.o, Omial Novi d.o.o, and TOF d.d. or "the Company"), owned by Montana Tech Components AG.
The loan proceeds will be used to finance Company's capital expenditure into new technology that would result in the development of new innovative products and increased capacity.
The transition impact of the proposed Project derives from: (i) demonstration of the successful restructuring and (ii) setting standards of corporate governance and business conduct.
ALUFLEXPACK NOVI DOO
Aluflexpack, a Croatian company is a niche player in flexible packaging segment in Europe producing containers, lids and other aluminium based products for food, pet food, pharmaceutical, confectionary and dairy industry.
Since December 2012, it is fully owned by Montana Tech Components AG, a Swiss-Austrian diversified industrial group.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised B. Environmental and social (E&S) issues associated with aluminum packaging production are site-specific, can be readily identified and mitigated through the implementation of an E&S Action Plan (ESAP). The ESDD of the original AFP Project was carried out in 2012 and an ESAP was developed to address identified issues. The Company has provided regular and timely updates on ESAP implementation as part of annual reporting, and shows progress, with only some items outstanding.
The Company complies with Croatian environmental laws and emission limits. There is a solvent recovery plant in Umag since 2013 that allows AFP to use up to 75% of recycled solvent in the production process, with only 5% of total used solvent emitted to the atmosphere as waste gas, well under BAT benchmark of 15%. Following Croatia’s accession to the EU, the Company was subject to an environmental permitting process under the EU Industrial Emissions Directive, and to date all of its facilities received the required integrated environmental permits and should operate in compliance with respective BREF for Surface Treatment using Organic Solvents. Introduction of the new rotogravure printing line at the Umag plant would not require an additional EIA under the EU EIA Directive; however, the existing integrated permit would need to be revised.
Umag facility is certified to comply with ISO 9001 quality and ISO 14001 environmental management system standards, as well as with the British Retail Consortium (BRC), an international standard for the packaging storage and distribution, and with the International Featured Standards (IFS), an international standards for safety management systems of packing and packaging that comes into contact with food. The company carried out extensive preparations so far to establish Occupational Health and Safety management system that is planned to be certified for compliance with OHSAS 18001 standards next year. There is a dedicated EHS team in place, and the Company has an adequate capacity to implement Bank’s PRs. Following the ESDD an existing ESAP has been updated and agreed with the Client to address specific issues related to air emissions monitoring, connection of new line with the solvent recovery plant, replacement of R22 cooling agents, as well as wastewater and solid waste management requirements. The energy audit is planned for 2017 under new Croatian legislation, and the energy management system would be introduced following its results.
The AFP will continue to provide the Bank with regular Annual Environmental and Social Reports (AESR) and notify on any material accidents or incidents. The Bank will evaluate the Project’s E&S performance in accordance with the Bank’s PR’s through reviewing the Client reporting and periodic monitoring visits.
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