ISTANBUL (Aug. 23, 2016) — Turkey's Bridgestone Brisa Sabancı Lastik Sanayi ve Ticaret A.Ş has secured $150 million in financing from the European Bank for Reconstruction and Development (EBRD) to support the construction of a plant it's building in Aksaray, Turkey.
The EBRD financing complements a $160 million syndicated loan transaction arranged and coordinated by Mitsubishi UFJ Financial Group(MUFG) Core Banking Unit, Brisa said.
Brisa — jointly owned by Bridgestone Corp. and Turkish industrial conglomerate Sabanci Holdings — initially disclosed plans for the plant in 2013.
The factory, which is rated at 13,000 units a day, is due on stream in early 2018. It is being built on a 237-acre plot in the Aksaray Province Organized Industrial Zone, which is roughly 140 miles south of Ankara and 300 miles southeast of Istanbul.
The plant will be the second in Turkey for Brisa, which was established in 1988 by Bridgestone and Sabanci to operate Sabanci's Lassa Tyres plant in Izmit.
The EBRD said Brisa also would use its funding to acquire additional equipment for producing truck and bus tires at the company's existing plant located in Izmit.
Brisa is ranked 31st among global tire makers, with fiscal 2015 sales of $792 million, according to Tire Business research.