Global Agro-Industrial Group gets support from the European Bank for Reconstruction and Development to boost its operations in Turkey and Eastern Europe.
LUXEMBOURG, ISTANBUL, IZMIR, January 30, 2020 – Sodrugestvo Group closed US$ 90 million long-term financing from the European Bank for Reconstruction and Development for its subsidiaries Sodrugestvo Turkey Tarım Taşımacılık İthalat İhracat A.Ş., Yakamoz Yag Sanayi ve Ticaret Anonim Sirketi and Intergrain S.A.
In Turkey, the loans totaling US$80 million EBRD aim at refinancing the acquisition by Sodrugestvo of a multi-seed crushing plant in Izmir and providing working capital and capex financing to boost the Group regional operations, improve the efficiency by bringing the plant to the group standards and enhance customers services in Turkey and MENA.
In addition, with US$ 10 million of EBRD funds Sodrugestvo intends to increase the number of its agricultural suppliers in Eastern Europe.
“Sodrugestvo Group constantly works on broadening its funding sources to back its operations and expansion plans and we welcome EBRD as a strategic partner helping us in our regional growth initiatives,” commented Aleksandr Lutsenko, CEO of Sodrugestvo. “Our company pays special attention to sustainable development and environmental protection matters in its business. EBRD support is an important footprint in this area,” he added.
“EBRD financing fits into our funding strategy with particular focus on diversification, extension of debt maturities and control over borrowing costs” – said the group CFO Sergey Churkin “Working with EBRD brings more visibility and recognition on international markets and confirms Sodrugestvo Group as a reliable and high quality borrower.”
About Sodrugestvo Group
Sodrugestvo Group (www.sodrugestvo.com), founded in 1994, is a rapidly growing agro-industrial company serving global markets. The company is vertically integrated with four business units: production of proteins and oils, trading of agricultural commodities, specialized infrastructure (including river and deep-water seaports) and logistics (including railcars and storage facilities). The Group owns the largest soybeans processing complex in Europe and ranks amongst the top-20 soybean processors in the world. In its last fiscal year Sodrugestvo reached consolidated sales of more than $2.8 billion and crushed 3.9 million tons of soybeans and rapeseeds, making it a leading player in Northern, Central and Eastern Europe and in Turkey. The company is also involved in commodities trading with its global network, direct origination capabilities, storage facilities and ports. Headquartered in Luxembourg, the company has more than 30 subsidiaries located in some 20 countries including Belorussia, Brazil, Paraguay, Poland, Russia, Serbia, Turkey, Ukraine and other countries. Sodrugestvo employs more than 2800 people worldwide.
EBRD press release