The EBRD is considering providing a senior loan of up to EUR 65 million to the German automotive supplier Draexlmaier Group.
The Loan will enable Draexlmaier to build up production capacity in Romania, Moldova, Serbia and Tunisia, and to finance a greenfield operation in FYR Macedonia.
The transition impact potential is considered to derive among others from:
(i) skills transfers through enhanced training of local employees in sets of skills that are transferable;
(ii) encouraging localisation of international suppliers
Draexlmaier Group is a family-owned tier-one supplier to the automotive industry. It develops, manufactures and sells electrical and interior systems to premium manufacturers such as BMW, Mercedes-Benz, Audi and Porsche.
The Company is headquartered in Vilsbiburg, and operates globally in 23 countries with a total of 61 site locations and employs 48,000 people.
A-Loan of up to EUR 50 million and a B-Loan of up to EUR 15 million.
Up to EUR 164 million.
The Project has been categorised B in accordance with EBRD’s 2008 Environmental & Social Policy. The overall environmental and social risks related to Group manufacturing activities are limited in nature, readily identifiable and can be mitigated through relevant management. Individual project sites that are to receive bank funds will represent a low or low medium risk of E&S impact, and in some cases may deliver a net environmental benefit through efficiency savings and pollution abatement.
Due diligence carried out by ESD was aimed at assessing the corporate management systems and the capacity of the Sponsor to implement the EBRD's requirements across the portfolio of sites that are subject to the capex programme and receipt of EBRD funds. The Group has established good quality, environmental and labour relations managements systems, and is in the process of developing an overarching sustainability strategy. Management capabilities, the availability of records, the level of communication with sites, and the implementation of relevant standards in these areas leads to the conclusion that Draexlmaier’s corporate systems meet the requirements of the relevant PRs.
However, as reflected in the ESAP agreed with the Sponsor, the Group should further develop and strengthen its corporate policies and improve practices on site regarding their H&S risk mitigation and performance. Due to the Sponsor’s business model related to moving production facilities to new locations with a cheaper workforce, retrenchment processes are occurring often on the Group scale, additional requirements regarding the establishment of a template to manage any future retrenchment activities at sites where EBRD financing were included in the ESAP.
A Corporate Stakeholder Engagement Plan will be developed under the ESAP and publicly disclosed. The Company will provide to EBRD annual reports on the implementation of the ESAP and environmental and social performance. The Bank will monitor the Company’s compliance with the agreed environmental and social commitments
Christian Anzinger (email@example.com), Group Treasurer
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