Istanbul, Turkey, June 3, 2009—IFC,
a member of the World Bank Group, is investing $30 million in Assan Alüminyum
Sanayi ve Ticaret A.S., a leading Turkish manufacturer and exporter of
aluminum coil, sheet and foil products, to support the company’s modernization
and energy efficiency improvements.
IFC’s investment will allow Assan, which is fully owned by Kibar Holding,
to implement further cost- and energy-efficient technologies and provide
long-term financing for new investments at a time of global economic turmoil.
IFC has supported Assan’s growth since 1994 by extending five senior loans
and syndicating long-term financing. Last year, IFC made energy efficiency
investments in Assan’s Tuzla plant. The new $30 million IFC investment
will support the modernization of Assan’s new aluminum plant in Dilovasi.
Kibar Holding acquired the plant from the State Deposit Insurance
Fund of Turkey in 2005.
The investment entails installation of advanced continuous casting technology
and energy efficiency improvements, which will reduce energy consumption
by up to 70 percent per ton of aluminum, while decreasing carbon emissions
by up to12 percent. This will follow a 50 percent reduction already achieved
since the investments began in 2006. The investments will also allow Assan
to reach a consolidated aluminum coil, sheet and foil production capacity
of 230,000 tons a year in 2011 and 245.000 tons a year in 2012, and offer
a wider range of products to its clients.
“We have been most happy to use IFC financing in all phases of our growth
in the aluminum business,” said Ali Kibar, Executive Vice Chairman and
CEO of Kibar Holding. “Assan Aluminyum has just been split off Assan Demir
in October 2008 in order to merge with the plant acquired from the State
Deposit Insurance Fund of Turkey in 2005. This merger created a versatile
and competent flat rolled aluminum producer that is already respected in
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said:
“Energy efficiency within the context of climate change is a global priority
and also important at national levels in the interest of reducing dependence
on imported energy. Assan’s new investment program, including modern technology
and energy efficiency improvements, demonstrates its commitment to sustainable
growth with a climate change focus. IFC is pleased to continue supporting
Assan under the challenging economic climate and at a time when capital
inflows are scarce.”
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Assan Alüminyum
Founded in 1987 in Tuzla, Istanbul, Assan Alüminyum is a leading Turkish
manufacturer and exporter of aluminum coil, sheet and foil products. It
serves distribution, construction, transportation, consumer durables, and
packaging sectors. At the end of 2008, the company employed 1,015 workers.
Assan Alüminyum is the flagship of the Kibar Group, which consists of 23
companies outside the Holding Company. For more information, visit http://www.assan.com.tr.