Turkish Company to Invest EUR 8.8 M in Auto Glass Plant in Svilengrad
Turkish company Dubleks Glass plans to open an auto glass manufacturing plant in Svilengrad.
The information was published on the website of the company and was confirmed by two media outlets.
In an interview for Capital Daily, a representative of the Turkish investor, Sebahtin Ismail, confirms the plans of the company and says that it is raising capital and it is to be registered into the Trade Register by the end of the month.
Local news portal svilengrad24.info also presents the investment plans of the Turkish company, adding that the deserted industrial building of the textile factory Menderes in the city will be used for the new plant.
Sebahtin Ismail tells the news portal that the company sought to start production in September.
Apart from automotive glass, the plant is also to manufacture flat glass for refrigerators.
The majority owner of the plant will be the family of the brothers Mustafa and Ramazan Bayrak, who own several companies for bus glass and car glass in Bursa and have been developing the business for nearly 30 years, according to the Bulgarian representatives of the company.
The Bulgarian company is to be registered under the name Penta Glas.
The production of automotive parts in Bulgaria has been developing well and the manufacturers of such equipment are expanding their businesses.
The Trakia Glass Bulgaria plant near Targovishte manufactures flat glass. The plant also has Turkish owners and is one of the biggest investments Bulgaria in the past 25 years.
The initial investment in the Svilengrad-based plant amounts to EUR 8.8 M, including EUR 4 M to be invested in machines and equipment, EUR 2.5 M to go to repairs and upgrades of the buildings, EUR 2 M to be used for circulating capital, and the remaining EUR 300 000 to be paid for staff trainings, quality certificates, and other accompanying costs.
The funding is to be provided from several sources. Equity stands at EUR 1.2 M and the remainder is to be supplied through leasing and bank loans.
In Ismail's words, talks are underway with two banks, which have expressed serious interest in financing the project.
- » China 'Interested in Bulgaria's Belene Nuclear Plant'
- » Bulgaria 'Should Promote Itself as All-Year-Round Destination'
- » EU Energy Ministers Seeking New Rules on Gas Supplies
- » Nuclear Decommissioning Conference in Sofia Due This Week
- » Fitch Affirms Bulgaria's BBB- Rating
- » S&P Confirms 'Junk' Status of Bulgaria