The Vice President of the Chinese holding Luoyang Glass Company Ltd Li Wei and the owner of the Bulgarian firm Via Properties Denis Barekov announced Wednesday a large-scale investment into the rebuilding and reopening of the glass factory in the city of Razgrad.

Some of the old buildings of the former factory, which was closed down years ago, will be preserved but most will be torn down, and rebuilt.

The new factory is expected to be reopened in 18-20 months, and the total investment will be about EUR 80-120 M. About 340-500 persons will be employed including a number of Chinese specialists.

The Luoyang holding was among the main sponsors of the 2008 Beijing Olympics. It is the largest producer of glass in China. The company is planning to set up an innovations center in Razgrad at a later stage of its investment program there.

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