Bulgaria’s Largest Bread Manufacturer Granted EUR 14 M Investment Loan

Business | March 5, 2015, Thursday // 14:11
Bulgaria: Bulgaria’s Largest Bread Manufacturer Granted EUR 14 M Investment Loan Photo by Billa

Societe Generale Expressbank and the „Regional Urban Development Fund“ AD have granted an 8-year investment loan of over EUR 14 M to Plovdiv-based bread and bakery products manufacturer Simid Agro EOOD under the Joint European Support for Sustainable Investment in City Areas (JESSICA) initiative.

The co-financing for the project provided by the bank is worth EUR 9 586 451, according to reports of money.bg.

Simid Agro EOOD is the largest manufacturer and distributor of fresh baked and frozen bakery in Bulgaria.

The loan will be used to build a modern energy-efficient plant for frozen bakery products and to buy new equipment in Industrial Zone Plovdiv South.

The company now has 2 production lines for frozen bakery in its Plovdiv-based plant.

However, the existing production capacity is insufficient to meet the growing demand for frozen bread products by major retailers and their stores in Bulgaria, Greece, Romania, Serbia, and other countries in Central and Eastern Europe.

Under the project, the new plant is to have a capacity of 8 production lines, with 5 production lines to be purchased, including ones for the production of standard bread, baguettes, Semmel, croissants, and other pastry.

The project is to create jobs related to the construction of the plant, as well as specialized jobs for over 220 people after the launch of the unit.

In the long term, the project is to boost the economic growth and the competitiveness of the region of Industrial Zone Plovdiv South.

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Tags: JESSICA, bakery, industrial zone plovdiv south, Societe Generale Expressbank
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