Turkey's flexible plastic packaging supplier Elif Plastik to invest US$35.5M in new plant in Egypt through loan from International Finance; facility to be operational in 2014 with production capacity of 15,000 tons of flexible plastic packaging/year
November 12, 2013
– The International Finance Corporation (IFC) will provide a USD 35.5mn loan to Turkey's Elif Plastik, a supplier of flexible plastic packaging, to invest in a new plant in Egypt and boost operating capital, IFC said in a statement. Some USD 15.5mn will go towards the construction of a new plant on 30,000 meter square land in the 6th of October City Industrial Zone by Elif Egypt with a production capacity of 15,000 tons of flexible plastic packaging annually.
The facility is scheduled to be operational within 2014. The new plant is planned to be the hub of Elif Plastik's operations in the Middle East region. The company's flexible plastic packaging products are used in the manufacture of consumer goods like food, cleaning materials, and personal hygiene products.
Elif Plastik currently manufactures its products in Turkey from recycled products procured from international companies. The main raw materials are low density polyethylene (LDPE), polypropylene (PP), polyethylene tetra phthalate (PET) and aluminium. The production process includes extrusion of the plastic film, printing and converting. Elif Egypt will have the same process and will be using the same raw materials as the company's Turkish facility.