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Korteks/Zorlu Group

Türkiye | Consumer Discretionary

Identification Code:: OP/02/0334
Total Operation Cost:: — USD
Maturity:: 72 months
Operation Status:: BSTDB Approved Amount – Approval Date

11.000.000 USD – 07 Jun 2002
: BSTDB Signed Amount – Signed Date

11.000.000 USD – 11 Jun 2003
: Status:
Completed
Description and Purpose of the Operation:: Korteks A.S. is one of the major petro-chemical plants in the country set up to produce all types of polyester chips, polyester texturized yarn and other polyester yarns. The Company exports to more than 60 countries, with main emphasis to the European Union and USA. Zorlu Holding and member of Zorlu Family own Korteks. In response to growing customers demand, the Company is undertaking the capacity expansion project. The aim of the Project is to increase the chip and yarn capacities in such way that the demands of Korteks customers will be met easily in parallel with its aggressive sales growth strategies. The new investment will take advantage of the latest technology that will enable the Company to improve the quality and the variety of the yarn.
Countries of Operation:: Türkiye (100,00%)
Financial Product:: Loans
Sector:: Consumer Discretionary
Domain:: Private
Borrower/Client:: Kortex Mensucat Sanayi ve Ticaret A.S. (Korteks) established in 1976 is an integrated production facility that produces a variety of products. The Company is a fast growing polyester fibber and yarn production plant, which also manufactures tulle curtains, fabrics and table spreads. The yarn unit was set up in 1983, primarily to meet the high quality yarn demand of the knitting and weaving unit. The Company is currently the largest producer of FDY (Fully Drawn Yarn). The Knitting & Weaving unit is one of the largest units in the world for the production of curtain materials.
Co-Financers/Participants:: West LB
Guarantors/Sponsors:: —
Developmental and Regional Cooperation Impact:: The loan facility will contribute to: - Creating new employment, - Generating additional export earnings and tax revenues in Turkey.
Environmental Classification and Impact:: According to the BSTDB Screening categories the Project is a ""C1"", requiring an environmental audit. The Company has made an assessment of emissions, effluents and wastes and determined that the main environmental issues for the Company and its operations related to Air emissions, Wastewater, Solid Waste and Recycling and Noise. Measures have been implemented to control these issues, and the Company is currently in compliance with relevant Turkish environmental standards. Based on the findings of the environmental analysis, it was concluded that there are no significant environmental issues associated with this project. The activities of the facility are in compliance with relevant environmental regulations and standards. All environmental permits and licenses have been obtained.
Operation Leader:: General Industries, Transport, Tourism 2
E-mail:: gitt2@bstdb.org