Turkish tire manufacturer signs $250 mln loan deal with IFC
Güncelleme Tarihi:
Turkish tire manufacturer Petlas, the first and only plant in Turkey that can manufacture military tires, signed a loan agreement with International Finance Corporation (IFC) worth $250 million, an executive of Petlas said on Tuesday.
IFC, a member of the World Bank Group, approved $80 million of the loan for Petlas, a subsidiary of Abdulkadir Ozcan Otomotiv A.S., a leading distributor and seller of automotive tires in the Turkish after-sale market.
The IFC will release the rest of the loan in tranches, said Semra Guler, finance director of Abdulkadir Ozcan Otomotiv A.S.
Guler said that the financing would help Petlas upgrade its production technology, expand its product range and manufacture eco-friendly tires.
Petlas produces tires for the local after-sale market as well as for export. It is the fourth-largest domestic tire manufacturer in
Petlas was established by the Turkish government in 1976 and privatized in 1997. The company employs about 1,380 people.