Kronospan to Invest BGN 300 M in Bulgaria's Veliko Tarnovo
Austrian wood-based panels manufacturer Kronospan is to expand its production facilities in the northern Bulgarian city of Veliko Tarnovo, Capital.bg reports.
Apart from adding a particle board streamline, it will start the production of medium-density fibreboard (MDF), which has never been made in Bulgaria as of the moment.
An investment plan worth BGN 300 M has already been launched by the company, which also plans to create a zone where furniture manufacturers using particle board made by Kronospan will be able to set up production sites, the website says.
The step will cut logistics expenses of investors using materials from the Austrian company, the latter argues.
Kronospan runs two plants in Bulgaria, one in Veliko Tarnovo and another in Burgas, giving employment to some 400 people. The expansion is expected to add 100 jobs and may create hundreds more in affiliated industries.
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