Turkish glass and chemicals group Sisecam secured a EUR 21 million (USD 24.6 million) loan from the London branch of German bank West-LB AG, the company said on 22 December 2005.
The five-year loan, …
Turkish glass and chemicals group Sisecam secured a EUR 21 million (USD 24.6 million) loan from the London branch of German bank West-LB AG, the company said on 22 December 2005. The five-year loan, which will have a grace period of two years, will be used to finance investments by the group“s household glassware unit Pasabahce and sodium and chromium chemicals subsidiary Soda Sanayii. Pasabahce will get EUR 10 million (USD 11.7 million) of the financing. Sisecam, majority owned by Turkish Is Bank, is listed on the Istanbul Stock Exchange. The group“s business activities are divided into four main units: flat glass, glassware, glass packaging and chemicals. In November 2005, Sisecam obtained a EUR 60 million (USD 70.2 million) credit from the European Investment Bank (EIB) to finance a new float glass line at a USD 120 million (EUR 102.6 million) plant being built by its Trakya Cam subsidiary in Bursa, western Turkey, and a co-generation plant at the group“s existing soda ash factory.