EUREX ALIMENTARE S.R.L.
16 Nov 2004
15 Oct 2004
Financing Ulker group’s expansion in the Romanian market by establishing a new production base to manufacture biscuits, chocolate, bullion and margarine products.
The project has good transition impact potential. The project will:
Improve linkages in the food supply chain: The main raw materials for the new production lines in Romania will be sourced from several local producers. Local suppliers will be subject to the Sponsor’s quality controls. The project will also have a positive impact in the modernisation of the distribution channels, and expanding the number of distributors/retailers worked with. This will make possible a transfer of know-how in respect of marketing, merchandising and logistics.
Introducing greater competition and innovation. The project will increase the competitive pressures over the existing players via the increase in the volume and range of products produced.
Involve corporate governance improvements.
The Sponsor of the project is Yildiz Holding A.S., the holding company of the Ulker Group of Turkey which is the largest food company in Turkey.
Senior secured loan: US$ 8.9 million to Eurex Alimentare
US$ 21.8 million
This project was screened B/1 requiring an environmental audit and analysis of the plant. The study was conducted by an independent environmental consulting firm and the resulting reports and recommendations were submitted to the Bank for review.
The Eurex Alimentare plant is currently 80% complete and has not yet started operation. The consultants reviewed the existing facilities and the plans for future operations. They concluded that the finalised facility will not have a significant environmental impact, will incorporate a number of features to minimise its environmental footprint including the installation of a waste water treatment plant and a gas fired boiler. The facility will meet both national and applicable EU standards and has received the environmental authorisation in accordance with Romanian law. An EAP has been developed to ensure that the facility meets good environmental practice and legislative requirements on an on-going basis.
Ender Bolat (General Manager)
Eurex Alimentare S.R.L
Str. Pitar Mos, nr. 29, ap. 11, Bucuresti
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