Petlas Lastik Sanayi ve Ticaret, a tyre manufacturer in Kisehir in Turkey has secured a US$30mn long-term loan from the IFC to help support the company’s expansion plans.
Petlas is a subsidiary of Abdulkadir Ozcan Otomotiv A.S., a leading distributor and seller of automotive tires in the after-sale market. Petlas produces tyres for the local after-sale market, as well as for exports. It is the fourth largest domestic tyre manufacturer in Turkey, and leading provider of tyres for tractors, heavy duty vehicles and aircraft.
The company was established by the Turkish government in 1976, and privatised in 1997.
”IFC’s financing will enable us to upgrade production technology, expand our product range, and produce ecofriendly tyres,” comments Mustafa Ozcan, chairman of Abdulkadir Ozcan Automotive and Tyre Inc. “We are the largest employer in Kisehir, and with IFC’s support, we hope to create more jobs in the area.”
Last Updated July 24, 2008
Reader Comments