Sisecam has production operations in 14 countries and sales in more than 150. Photo: Sisecam.

Sisecam reports that it recorded consolidated net sales of $1.3 billion in the first three months of 2024. The company, which has production operations in 14 countries and sales in more than 150, produced 1.3 million tons of glass, 1.2 million tons of soda ash and nearly 1 million tons of industrial raw materials in the first three months of this year.

International sales made up the bulk of Sisecam’s sales (61%). Exports totaled $262 million, and the company spent $136 million on investments. The investments included $114 million in three new coated glass lines in Turkey, Italy and Bulgaria, which added a combined 20 million square meters. Sisecam officials say the new lines are in response to higher demand for coated glass in the flat glass sector. The company now has seven glass coating lines worldwide.

Sisecam has issued $1.1 billion in Eurobonds, which is the largest corporate bond issue in Turkey’s history. The Eurobonds consist of $500 million with a five-year term and $600 million with an eight-year term to international funds and financial institutions. The Eurobond issues received demand exceeding $3.5 billion.

Additionally, credit rating agencies Fitch and Moody’s upgraded Sisecam’s credit rating. The latter raised Sisecam’s rating from “B3” to “B2,” while Fitch upgraded its rating from “B+” to “BB-.”

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