Press Releases

IFC Invests $30 Million in Turkey’s Assan Alüminyum Sanayi ve Ticaret A.Ş to Support Modernization and Energy Efficiency Projects

In Istanbul:
Basak Pamir Ulgen
Phone: +90 (212) 385-3075

In London:
Carmen Powell
Phone: +44 (207) 286 54 39

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 export markets.”

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.”

About IFC
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

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