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Alumil I

Greece | Industrials

Identification Code:: OP/03/0404
Total Operation Cost:: 59.500.000 EUR
Maturity:: 72 months
Operation Status:: BSTDB Approved Amount – Approval Date

20.000.000 EUR – 19 Sep 2003
: BSTDB Signed Amount – Signed Date

20.000.000 EUR – 13 Oct 2003
: Status:
Completed
Description and Purpose of the Operation:: The operation involved a long-term corporate loan to Alumil Milonas SA, a leading Greek manufacturer of aluminium building materials, for the financing of its capital-expenditure programme in Greece, Albania, Bulgaria and Romania.
Countries of Operation:: Greece (100,00%)
Financial Product:: Loans
Sector:: Industrials
Domain:: Private
Borrower/Client:: Alumil Group was founded by Milonas family and is one of the most advanced companies in the areas of research, development and production of aluminium-extruded products in Greece. The first aluminium-extrusion plant was established in Greece in 1978. The group's success has been characterized by its long experience in the aluminium-extrusion sector, a continuous product innovation, high customer satisfaction and a dynamic presence in the international markets.
Co-Financers/Participants:: —
Guarantors/Sponsors:: —
Developmental and Regional Cooperation Impact:: The operation affected positively the development in all countries of where the investments took place. In Greece, enhanced competitiveness of production through technology improvements and the introduction of new products and processes. This contributed towards consolidating and advancing Alumil's market position at home and abroad. It produced also an important affect in job creation in Albania, Romania and Bulgaria, aswell as in the Northern Greek regions of Macedonia and Thrace.
Environmental Classification and Impact:: The Operations was categorized as B0 according to the Bank's environmental screening categories, meaning that an Environmental Assessment was needed, and no Environmental Auditing. The impacts associated with the project were clearly understood and were not significant, mainly due to the project nature and scale, as well as the mitigation measures in place. Environmental Audit was deemed unnecessarydue to the fact that the Borrower had successfully implemented in all its production facilities Environmental Management System (EMS) according to ISO 14001, which provided very accurate and comprehensive up-to-date information about the EH&S aspects of the Borrower's activity. The Client was requested to continuously follow the applicable regulations in the countries of operations, and EU/BSTDB EH&S requirements, and also submit annual EH&S performance reports.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org