Miroglio to invest Euro40mln in sixth Bulgaria factory
23 May '06
3 min read
Italy's Miroglio Group is to invest about leva78 million (almost Euro40 million) in the sixth factory of its Bulgarian units, as part of its expansion plans, said Massimo Bartocci, CEO Miroglio Bulgaria.
Miroglio Bulgaria plans to set up a spinning and textile-dyeing factory in south-eastern town of Yambol.
Miroglio group has invested around leva180 million in its five units since 1999, according to Invest Bulgaria Agency.
“Construction has already started and about 50 percent of the investment hasbeen used. The leva78 million investment will be completed in the spring of 2007,” Bartocci said.
Miroglio group has three subsidiaries in Bulgaria. Miroglio Bulgaria, the largest produces woollen, cotton and polyester textiles in three units, in Elin Pelin in Sliven, South-Eastern Bulgaria.
A spinning mill in Nova Zagora, also in South East, and yarn maker Raumer Bulgaria in Sliven, are the other two units.
“I think that the new company will have a turnover of about leva30-40 million in the first year and leva60-70 million in the second year, very roughly of course,” Bartocci said.
“The investment in Yambol is joint between Miroglio Bulgaria and Raumer Bulgaria. Practically, Miroglio Bulgaria is investing in the construction, buildings and the fixed installations and Raumer is investing in the machinery,” said Bartocci.
Miroglio Bulgaria achieved a turnover of leva202 million and profit after taxes was leva18 million for 2005 whereas Miroglio Nova Zagora achieved a net profit of leva4.7 million on a turnover of leva44 million.
As it was the first year of operation, Raumer Bulgaria could achieve a turnover of leva37.8 million with profit of leva300 000, said Bartocci.
“At the moment, there are no other investments planned, but this does not mean that the investment of Miroglio in Bulgaria will finish with that one,” said Bartocci.
INVESTOR COMPANY: Miroglio SpA Italy 36 companies - 7 in Italy and 29 abroad Annual revenues: € 750 mln Production and R&D: Great variety of articles spanning the entire spectrum of the textile sector, from yarns and unbleached fabric to finished fabrics and transfer paper Employees: 7,000 (2001)
MIROGLIO IN BULGARIA Start: 1998 Investment: € 153 mln (up to 2003) $11 mln in 2003; € 50 mln investment in technology The investments are operated with 100 % foreign participation Production: cotton, viscose and polyester, wool and wool blends fabrics Net sales: € 40 million (2002) Employees: 1,700 (2003) Production capacity: 5 mln. m textile Plants size: 5 plants, total area 73 000 sq. m Dyeing-Printing factory in Elin Pelin (Sofia region) for production of printed fabrics in viscose, cotton and polyester; Wool factory in Sliven for spinning, weaving, dyeing and finishing of wool and wool blends fabrics; Weaving factory in Sliven of viscose and polyester fabrics; Spinning-twisting factory in Nova Zagora “Miroglio Lana” – textile factory in Sliven /Greenfield investment 2003/ Certificate ISO 9001
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