Turkish wet wipes firm gets €3 million loan from EBRD
July 09, 2016 - Turkey
The European Bank for Reconstruction and Development (EBRD) is extending a €3 million loan to Sapro, a Turkish wet wipes producer.
75 per cent of the company’s sales are in the European markets, primarily as private label products to large European retail chains. In Turkey, Sapro produces wet wipes under the brand name Hops.
The EBRD’s loan will finance part of the working capital required to start Sapro’s own production of the main raw material for wet wipes – non-woven tissue or spunlace, which accounts for more than half the cost of the final product.
Ceyhun Zincirkiran, the co-owner and chairman of the company said, “The EBRD is one of the most important international financial institutions in Europe. Its contribution and support will help us achieve our goal of becoming the most important player in our sector.”
Frederic Lucenet, EBRD director for manufacturing and services said, “We are impressed with the story of this Turkish exporter. We see great potential and are happy to support Sapro’s growth as the market for wet wipes continues to grow in Turkey and elsewhere.”
Developing the competitiveness of Turkey’s exporters is part of the EBRD’s efforts to boost the country’s economy. (GK)
75 per cent of the company’s sales are in the European markets, primarily as private label products to large European retail chains. In Turkey, Sapro produces wet wipes under the brand name Hops.
The EBRD’s loan will finance part of the working capital required to start Sapro’s own production of the main raw material for wet wipes – non-woven tissue or spunlace, which accounts for more than half the cost of the final product.
Ceyhun Zincirkiran, the co-owner and chairman of the company said, “The EBRD is one of the most important international financial institutions in Europe. Its contribution and support will help us achieve our goal of becoming the most important player in our sector.”
Frederic Lucenet, EBRD director for manufacturing and services said, “We are impressed with the story of this Turkish exporter. We see great potential and are happy to support Sapro’s growth as the market for wet wipes continues to grow in Turkey and elsewhere.”
Developing the competitiveness of Turkey’s exporters is part of the EBRD’s efforts to boost the country’s economy. (GK)