Fitesa (IFC-45571)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Specific Location
States of São Paulo and Rio Grande do Sul
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 10, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
FITESA S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 24, 2022

Disclosed by Bank Dec 1, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Founded by the Ling family in 1973, Fitesa S.A. (“Fitesa” or the “Company”) is one of the world’s largest manufacturers of nonwoven spunmelt textiles for the medical, hygiene and industrial sectors.  Headquartered in Porto Alegre, Brazil, Fitesa operates 23 plants in 13 countries, 5 innovation centers.Fitesa produces nonwoven fabrics by spunmelt, meltblown, carded and airlaid technology, and elastic and non-elastic films and laminates. Nonwovens are produced by extruding a variety of polymers into filaments which are consolidated thermally into a flexible, fabric like web. All products are sold in rolled form. Customers use the fabrics for producing diapers, feminine care products, adult incontinence products, surgical masks and gowns, agricultural and industrial specialties.  In response to the COVID-19 Pandemic, Fitesa expanded and converted capacity to supply the healthcare sector with nonwovens for masks, respirators and hospital gowns in critically short supply.         

IFC’s proposed investment consists of a $50m A Loan to support Fitesa’s expansion at two manufacturing plants in Brazil (Gravatai plant in the State of Rio Grande do Sul, and Cosmopolis plant in the State of Sao Paulo) including capex for maintenance and related working capital (“the Project”) associated with these two manufacturing plants in Brazil. Through its expansion, Fitesa seeks to continue providing high-quality products through advanced technology to the hygiene, healthcare and industrial segments in Latin America, particularly considering the heighted demand following the COVID-19 pandemic. The Project falls under IFC’s Global Health Platform, as it aims at increasing capacity for raw material for masks and other essential nonwoven products.        

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - FITESA S.A. Investor Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Fitesa
Sandro Pires Nogueira
Global Treasurer Manager
+ 55 51 98279-0246
snogueira@fitesa.com
Centro Histórico90010-001 – Porto Alegre-RS - Brazil
www.fitesa.com

 

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

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/

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