Bunge Ltd. Cuts off Bulgaria's Kaliakra Oil Production

Business | June 4, 2007, Monday // 00:00

The US consumer products company Bunge Ltd. said Monday it would close down its oil plant in Bulgaria's town of Dobrich, moving the production of the Kaliakra brand to Ukraine or Hungary.

The news was announced by the company's General manager Tsvetan Iliev.

"There will be maintained only the grain elevators," Iliev explained.

The move, which will make 204 of Bunge's employees redundant, is to be undertaken because of the low financial incomes, limited market opportunities and environmental requirements that are not conformed to the EU's ones.

The New York-based Bunge Ltd. has bought "Kaliakra" Company in 2002. It currently develops its activities in more than 30 countries worldwide, owning about 400 enterprises.

About two months ago another consumer products giant Unilever said it ceased its margarine and mayonnaise production in Dobrich, moving Kaliakra brand to Romania's Ploiesti.

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