Translated version of this PSD: Turkish
The European Bank for Reconstruction and Development (EBRD) and The Abraaj Group, leading private equity investor in global growth markets, have acquired a majority stake in Yörsan, one of Turkey’s leading producers and retailers of dairy products. The investment marks the EBRD’s first equity investment in the Turkish dairy sector and its first co-investment with The Abraaj Group.
Yörsan has been manufacturing branded dairy products in Turkey for over 50 years, during which it has built high brand recognition and loyalty and is a leading market player in the higher value dairy segments. Yörsan has a strong portfolio of products covering all main dairy categories of yoghurt, cheese, milk and the traditional Turkish drink – ayran.
The Bank’s investment will support further expansion of the Turkish dairy sector through backward and forward linkages and further develop long-term partnerships with local dairy farmers. The project also supports improvements in corporate governance.
Yörsan is one of Turkey’s leading producers and retailers of dairy products.
The project was categorised B given that impacts associated with the Company’s activities are site-specific, well understood and readily addressed with appropriate mitigation measures. Environmental and social due diligence for this project was undertaken by independent consultants working in line with the Terms of Reference agreed by the EBRD and Abraaj. Due diligence demonstrated that the company has identified, monitored and well managed environmental and social impacts associated with its activities. The Company is in full compliance with all national environmental, health and safety, product hygiene and safety requirements. The Company is also subject to regular government compliance audits. There is a well-developed and efficient Environmental Management System – the Susurluk production facility is certified under ISO 9001 and ISO 14001 and holds a wide range of other, mostly product and process related certifications. The Company has a well-functioning occupational health and safety control and training scheme with a good performance record but without a separate and certified H&S system (e.g. OHSAS 18001). Finally, the Company has good labour relations without any outstanding issues and has good relations with neighbours and other stakeholders affected by its operations. An Environmental and Social Action Plan (“ESAP”) has been agreed with the Company including a number of points which will take the Company beyond its already very high standards of operation towards compliance with best international practice. Issues included in the ESAP relate to human resources management, supplier interaction and management, internal grievance procedures, benchmarking of performance and targets, reporting and interaction with industry sustainability initiatives.
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