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Devnya Cement (pictured here) and Vulkan Cement are going to shut down temporarily over the crisis effects. Photo by devnyacement.bg
Two of Bulgaria's five cement factories, Devnya Cement Jsc and Vulkan Cement Jsc are going to shut down temporarily over the lack of demand created by the global economic crisis.
The two factories located in the northern town of Devnya and the southern town of Dimitrovgrad respectively, are owned by the Italian Italcimenti Group.
According to Alexander Carr, CEO of the two cement factories, the reasons for the temporary shutdown have to do with the general effects of global financial crisis and the drop in consumption, bTV reported.
In Bulgaria, another factor that exacerbated the situation of the cement producers was the import of Turkish cement, which was eventually found to contain substances that are dangerous for people's health.
In addition for stopping work temporarily, the two Italcimenti factories in Bulgaria are also going to lay off between 50 and 100 workers in total. The rest of their workers will be asked to take paid leaves.
In 2008, Italcimenti's Devnya Cement was awarded Bulgaria's Investor of the Year Award for a third year in a row.
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