Project description
and objectives:
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Proposed financing for the development of Michelin operations in Romania. Michelin, based in France, is one of the largest tyre manufacturers worldwide. The investment would facilitate modernisation, upgrading of production processes, technology transfer and increase of output of the new company.
The project aims to achieve the successful development of a new company, which will help to make the Romanian tyre industry more competitive in the domestic and export markets.
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Transition impact:
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The investment of Michelin would have a strong impact on the transfer of new technology and management know-how in the country as well as important demonstration effects to the foreign investment community.
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The client:
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Michelin Romania is a new company to be created following the acquisition by Michelin of part of the Tofan Group. The main productive assets purchased by Michelin are the Sylvania tyre plant near Cluj and the Victoria tyre plant near Ploiesti.
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EBRD finance:
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The EBRD intends to finance the development of Michelin Romania with up to US$ 30 million (approximately €35 million) with equity and debt facilities.
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Total project cost:
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US$ 30 million
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Environmental impact:
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The project was screened C/1, requiring an environmental audit of the company's manufacturing facilities. International environmental consultants carried out the investigations. No major non-compliance issues were identified during the site assessment. All environment-related permits as well as other permits were in place. The environmental permit includes a compliance plan that has to be implemented before 2003. This includes (1) the upgrade of external waste landfill; and (2) the installation of air and waste-water monitoring networks. The consultants, based on the audit findings and the company's existing compliance plan, have also developed an environmental action plan. The Victoria facility plans to introduce the ISO 14001 Environmental Management System by the end of 2001. The sponsor is committed to follow EU standards, which will be monitored in accordance with Michelin's own high standards of environmental, health and safety performance.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Ioana Gheorghiade, Operation Leader: gheorghi@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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