ISTANBUL, June 03, 2024 (GLOBE NEWSWIRE) -- Sisecam is actively pursuing global growth with production operations spanning 14 countries on four continents and sales in over 150 countries. In the first 3 months of 2024, Sisecam recorded consolidated net sales of TRY 41 billion (USD 1.3 billion). In the first 3 months of the year, international sales accounted for 61% of Sisecam's total sales. Sisecam reported total investments of TRY 4.3 billion (USD 136 million) and exports of USD 262 million in the same period.
Sisecam announced financial results for the first 3 months of 2024. In the three-month period, Sisecam's consolidated net sales totaled TRY 41 billion (USD 1.3 billion). International sales - comprising the total of exports made from Türkiye and sales from foreign production - accounted for 61% of consolidated sales. Sisecam's total investments in the same period amounted to TRY 4.3 billion (USD 136 million) while exports totaled USD 262 million. Sisecam produced 1.3 million tons of glass, 1.2 million tons of soda ash, and 0.87 million tons of industrial raw materials in the same period.
USD 114 million investment in three coated glass lines
In 2024, Sisecam entered the year with a decision to invest in three new coated glass lines with a total capacity of nearly 20 million square meters in Türkiye, Italy, and Bulgaria. The company aims to meet the increasing demand for coated glass in the flat glass sector with this investment project, including the ongoing construction of a flat glass facility in Tarsus, Türkiye, as well as flat glass facilities in Northern Italy and Bulgaria. Sisecam also aims to maintain its competitiveness by improving operational efficiency, expanding its production range and increasing the share of value-added products in production volume to create added value for all stakeholders. With an investment of $114 million, the new coated lines will bring Sisecam's total number of glass coating lines worldwide to seven. As a result of these investments, the coated glass capacity will almost double to approximately 42 million square meters.
Eskisehir has become the world's largest glass production hub
Sisecam ignited its new glass packaging furnace in Eskisehir and put its glassware furnace into operation after cold repair in the first 3 months. The additional capacity attained following the ignition of glassware furnace has propelled Sisecam to global leadership in glassware production. As a result of the new investment, Sisecam Eskisehir Glass Packaging Facility has become the world's largest integrated glass packaging production facility with 5 furnaces and 24 lines all on a single site. Thanks to these investments, Sisecam's production facility in Eskisehir has become the largest integrated glass production point in the world in the glass packaging and glassware industries.
Sisecam has initiated actions for the second flat glass line investment in its Egyptian joint venture, Saint Gobain Egypt SAE. To facilitate this investment, Sisecam has completed the establishment procedures for a new company. Additionally, Sisecam announced its decision to invest in 175,000 tons per year incremental capacity in its Mersin soda ash facility. This investment, including working capital, is estimated to cost approximately $125.3 million, with the goal of commissioning it within 2026.
Largest Corporate Bond Issuance in Turkish Republic's History
The global confidence in Sisecam was reaffirmed by the demand for its Eurobond issuance. Sisecam has issued a total of $1.1 billion in Eurobonds, consisting of $500 million with a 5-year term and $600 million with an 8-year term, to international funds and financial institutions. These Eurobond issues received demand exceeding $3.5 billion. This marked the highest demand for the largest corporate bond issue in the history of the Republic of Turkey.
Sisecam tapped the market considering strong demand from institutional investors and increased its Eurobond issuance to $1.5 billion. This issuance attracted nearly $5 billion in demand overall from international institutions. With this additional issuance, Sisecam renewed its record.
Credit Rating Upgrades by Fitch and Moody's
Leading credit rating agencies Fitch and Moody's have upgraded Sisecam by one notch with ratings to above that on the sovereign. Moody's raised Sisecam's credit rating from "B3" to "B2" and maintained the "positive" outlook, while Fitch upgraded Sisecam's long-term foreign currency rating from "B+" to "BB-" and maintained the "positive" outlook.
A photo accompanying this announcement is available at
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