EIB Extends Up To 55M Credit To Şişecam

Türkiye Şişe ve Cam Fabrikaları A.Ş. (Şişecam), an İş Bank controlled company, has secured a project credit amount of up to EUR 55 million from the European Investment Bank (EIB).

The company had applied to the bank for the credit in late last November for a project which is estimated to cost a total of EUR 125 million. The bank approved the credit on February 6.

The project concerns the construction and operations of a second float-glass manufacturing line and an auxiliary coating line in Yenişehir, Bursa as well as Şişecam’s R&D-activities in glass technology.

The new float line will increase the existing production capacity of the group to meet the rapidly growing demand for flat glass in Turkey. The coating line particularly addresses the growing segment demand for energy efficient glass. Sisecam’s Research and development projects, finally, target the increase, the efficiency and quality of the company’s production and products.

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Şişecam Group reported consolidated net sales of TL 3.1 billion and a net profit of TL 569 million in the first quarter ended March 31, 2018. The Group's consolidated EBITDA reached TL 907 million for the same period.

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