Martur (IFC-38025)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 5, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MARTUR SUNGER VE KOLTUK TESISLERI TICARET VE SANAYI ANONIM SIRKETI
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 32.86 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 197.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 29, 2017

Disclosed by Bank Aug 5, 2016


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Project Description
The project involves partial financing of Martur’s investment program in Turkey and Romania through IFC’s equity investment in the company (“the project”). IFC considers to have between 5% and 6% shareholding in the company. The project sponsor is Ustunberk Holding A.S. (“Ustunberk Holding” or the “sponsor”) which is a leading group of companies supplying high quality components for car interiors to automotive industry for over 20 years, and is majority shareholder in Martur.
Investment Description
  • International Finance Corporation (IFC)
Martur, together with its subsidiaries, engage in design and manufacturing of seats as well as other interior parts for passenger cars and light commercial vehicles. The company produces for renowned local and international automotive manufacturers through its facilities located in Turkey, Romania, Russia and Algeria. Martur’s major subsidiaries include (i) Fompak - manufacturing plastics and foam, (ii) Bestal - manufacturing metal stamping, tube bending and welding, (iii) Berk Otomotiv - vehicle conversion, (iv) Indesta Otomotiv - purchasing and selling iron plate and wire with or without partial processing for seat of vehicles and; (v) Martur International- covering international operations. Subsidiary websites are found here: Fompak: http://www.fompak.com.tr Bestal: http://www.bestal.com.tr Berk Otomotiv: http://www.berkotomotiv.com.tr Indesta Otomotiv: http://www.indesta.com.tr Martur has 7 facilities of its own in Turkey, and 3 facilities under its subsidiary Martur International in Romania, Russia and Algeria. Fompak has 5, Bestal and Berk each have a single facility, all located in Turkey. All facilities in Turkey are located in or cities around Bursa where most of automotive industry in Turkey is present.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/