Translated version of this PSD: Turkish
The EBRD, Actera - the leading private equity investor in Turkey - and Esas Holding - a venture capital firm established by the Sabanci family - have acquired a majority stake in Korozo, a leading flexible packaging producer in Turkey.
The EBRD will also support Korozo through the Near Zero Waste (NOW) programme funded by the Clean Technology Fund (CTF) and the European Union in order to address first mover externalities associated with waste minimisation investments.
Transition impact is expected to stem from (i) demonstration of successful restructuring; and (ii) setting standards of corporate governance and business conduct, including the implementation of green investments in Corlu plant following the acquisition.
Korozo Ambalaj San. ve Tic. A.S. is a joint stock company incorporated in Turkey. With nine manufacturing facilities across the country, it is the largest flexible packaging producer in Turkey and among the leading ones in Europe.
Environmental and Social Summary
Categorised B (2014 ESP). The production of plastic packaging is associated with specific environmental and social issues which are well understood and can be addressed through appropriate mitigation measures. Environmental and Social Due Diligence (ESDD) was undertaken by an independent local consultant and comprised a documentation review, meetings with the relevant Korozo departments as well as site visits to all facilities in October 2016. An Environmental and Social Action Plan (ESAP) has been drafted and was agreed with the client and other investors.
The company's manufacturing facilities have all been developed in industrial areas with no sensitive receptors in the vicinity. The company has all required environmental, labour and operational permits in place, and reporting to the regulatory authorities is satisfactory and in accordance with national requirements. ESDD indicates that the company generally meets requirements of the local environmental and social legislation and has an environmental and social structure in place to deliver the project in compliance with EBRD's performance requirements. The company has environmental, and health and safety procedures in place at the corporate level, and some of the facilities are ISO14001 certified. Some of the current procedures will need to be enhanced to align the monitoring and reporting with EU directives and international standards. Volatile organic compounds emissions are below national limits, as well as EU Industrial Emissions Directive standards. The company employs around 1,700 people, and the labour policies and practices are compliant with national standards.Some improvements have been identified and are part of the agreed ESAP relating to the following: enhancement of the monitoring and documentation of air emissions and health and safety incidents; development of a contractor's management framework; harmonisation of environment, health, safety and security procedures across all facilities; implementation of the tri-generation and solvent recovery units; development of a stakeholder engagement plan and a formal grievance mechanism.
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