ThyssenKrupp Considers Expanding Its Business in Bulgaria

Business | February 13, 2016, Saturday // 15:11
Bulgaria: ThyssenKrupp Considers Expanding Its Business in Bulgaria Bulgarian Economy Minister Bozhidar Lukarski with representatives of ThyssenKrupp. Photo: Economy Ministry

The German steel giant ThyssenKrupp is considering to expand its business in Bulgaria and is interested in the conditions offered by the National Company Industrial Zones.

This was discussed at a meeting between Bulgarian Economy Minister Bozhidar Lukarski and representatives of the executive board of the company in Germany on Friday.

ThyssenKrupp has successfully established itself on the Bulgarian market. In 2005, it entered the market of metals, merging with Bulgarian steel company Jupiter Stomana.

The Bulgarian-German company has leading position on the market of metals, with storage and production sites in Sofia, Plovdiv, Ruse and Burgas.

In 2012, ThyssenKrupp entered in joint venture with Bulgarian producer of elevators Liftcom.

The company has long-term interest towards the industrial zones of Ruse and Vidin.

The CEO of the company, Martin Stillger, said that it is important for the company to grow and develop in the region as the growth of consumption in eastern Europe in 2015 was twice that registered in the western part of the continent.

During the meeting, the representatives of the company presented its projects in Bulgaria, including the modernisation of the port in Lom, the construction of a fishing port in the Burgas neighbourhood of Sarafovo and logistics centre in Varna.

The company is also showing interest towards the rehabilitation of dams.

Lukarski assured the company that he will support its positioning in Bulgaria and invited members of the executive board to come to the country.

Parallel to Lukarski's visit, the executive director of the InvestBulgaria Agency, Stamen Yanev met with representatives of the Witte Automotive company.

At the meeting, they discussed the future cooperation between the two countries and the expansion of the company's business in Bulgaria.

Witte is developing successful business in Bulgaria, being certified as class A investor in 2012.

It made a commitment to provide 232 jobs, but this was exceeded three times and at present the company is employing 614 people.

Witte has invested nearly EUR 10 M in expanding its business, which is EUR 4 M than its initial commitment.

During his visit to the German state of North Rhine-Westphalia, Lukarski also met with representatives of Boco Boddecker, a leading company in the production of locking systems for cars.

The opportunities for investment in Bulgaria were discussed at the meeting, the economy ministry informs.

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Tags: Bulgaria, economy, ThyssenKrupp, steel, bozhidar lukarski, Germany, business, industrial zones, market, metals, consumption, investment, InvestBulgaria Agency, Stamen Yanev, Witte, Boco Boddecker, North Rhine-Westphalia
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