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Washington, D.C., October 19, 2009—
IFC, a member of the World Bank Group, is providing $25 million in an equity investment to Aluar Aluminio Argentino Saic, Argentina’s sole aluminum producer, to support the company’s expansion and contribute to local employment growth.
IFC’s investment will contribute to expand Aluars´ primary aluminum production plant, which is located in Puerto Madryn in southern Argentina. The company employs more than 2,200 people and generates business for distributors and small and medium enterprise suppliers.
In addition to about 1200 jobs generated during the construction phase, Aluar’s investment program will create about 80 direct jobs and an estimated 300 indirect jobs, and aims to boost the company’s exports. IFC’s investment is part of Aluar’s $316 million capital increase to capitalize the firm.
Javier Madanes Quintanilla, Aluar’s CEO, said, “We look forward to a long-term partnership with IFC, an organization that brings unique expertise and global experience to its partners.”
Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said, “We are happy to support Aluar, a locally sponsored company in Argentina with an excellent track record, well-articulated long-term strategy, and commitment to sustainable business”
The company has more than 30 years of experience in Argentina, and its strong commitment to the long- term development of the business is reflected in its on-going export-enabling investment program.
IFC’s strategy promotes Argentine business expansion into other emerging markets, encourages corporate social responsibility, and protects natural resources through environmentally sustainable business practices. In Argentina, IFC supports export-oriented sectors and financial institutions, especially those that provide financial services to low-income borrowers.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Aluar
With more than 30 years of operations, Aluar is an important company in Argentina. It employs more than 2,200 people, generates business to distributors and small and medium enterprise suppliers, and actively engages in the communities in which its industrial units are installed. Aluar manufactures primary aluminum, semi- fabricated, and fabricated products that are used in the transport industry, building, packaging, electrical conductors, and kitchenware. It exports about 70 percent of its production and the remaining 30 percent is sold on the domestic market. For more information, visit
www.aluar.com.ar
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