Largest Battery Maker in Eastern Europe Creates a Factory for BGN 42 Million in Vratsa

Business | February 24, 2019, Sunday // 11:42
Bulgaria: Largest Battery Maker in Eastern Europe Creates a Factory for BGN 42 Million in Vratsa

The largest battery manufacturer in Eastern Europe - the Bulgarian "Monbat", plans to build a new production facility in Vratsa. It becomes clear from an investment intention of the joint-stock company sent to Kalin Kamenov, Mayor of the town, about 42 million leva will be invested in it.

According to the company's plans there will be rechargeable batteries, and the annual volume will be one million units, and it will grow in the future. Expectations are to open 150 jobs. The new plant will be built on three terrains owned by the company, BNR reports.

Monbat is one of Europe's leading battery manufacturers, and the core business of the company is divided into two segments - the production of lead-acid batteries and lithium-ion cells. Apart from Montana, Dobrich and Sofia in Bulgaria, the company has bases in Romania, Serbia, Italy and Germany. The company operates on more than 60 foreign markets. The market capitalization of Monbat in October 2018 reached nearly 140 million euros. At the end of the third quarter of last year, the consolidated net income of the company amounted to EUR 68.29 million and the net profit amounted to EUR 1.53 million.

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