The Largest Manufacturer of Industrial Batteries Closes its Factory in Bulgaria

Business | March 12, 2019, Tuesday // 10:26| Views: | Comments: 0
Bulgaria: The Largest Manufacturer of Industrial Batteries Closes its Factory in Bulgaria

US battery maker EnerSys will close its plant in Targovishte, the company said. The decision was taken by the board of directors, SeeNews reported.

At the factory in Bulgaria are produced batteries for diesel submarines. "The management has decided that the future demand for diesel submersible batteries is not enough given the existing number of competitors on the market," the official announcement says.

EnerSys plans to sell the plant and eventually equip it with another company if possible. The company expects to record one-off costs of approximately $ 32 million, of which $ 22 million for asset write-offs and $ 10 million benefits, cleaning, and more. The EnerSys division in Kardzhali recorded a net profit of 2.35 million in 2017 from a net loss of 1.13 million in 2016. Revenues for the two years total 21 million leva. The company acquired the power plant in 2007. But in 2014, the company cut 420 people out of a total of 560, according to media reports, stopping the production of traction and stationary batteries.

Business » Be a reporter: Write and send your article
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria