The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) is providing a €30 million loan to the Turkish soft drink producer Erbak Uludağ Icecek (Uludağ) to support the company’s 2014-15 investment programme, according to EBRD.
The EBRD finance will support an investment programme which includes the launch of new, state-of-the-art production facilities and measures to increase resource efficiency. It will also contribute to investment in innovative technologies that improve the quality and lifespan of its products and will develop produce traceability standards.
Uludağ is one of the oldest and largest producers of branded soft drinks in Turkey, its 102-year history dating back to 1912, when the firm first received production rights. It is currently led by the third and fourth generations of the founding Erbak and Kizil families.
Operating under the Uludağ name, the company uses Uludağ Mountain spring water at source in products that are supplied both in Turkey, where it is the market leader, and also on foreign markets in Europe and in the Middle East, according to EBRD.
Michael Davey, EBRD Director for Turkey, said: “We are pleased to start this relationship with Uludağ, a family-owned company with an excellent reputation for innovation and product quality, and a century-long history. Our investment aims to help make the company more competitive. We believe that with even higher corporate governance standards and resource-efficient practices, Uludağ will become a top performer in the Turkish beverage industry.”
The EBRD began investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep. To date, the EBRD has invested over €4 billion in more than 130 projects in the country, according to EBRD.