Turkey's Sisecam with Biggest Greenfield Investment in Bulgaria

Turkey's Sisecam is to build in Bulgaria a production line for flat glass, making the biggest greenfield investment in the country.

This was announced by Deputy Prime Minister and Economy Minister Niolay Vassilev during his meeting with representatives of Turkey's giant Sisecam.This will be the first factory of this type in Southeastern Europe.The investment will be launched in 2003 and two years later the factory is expected to start operations.Alev Yaraman, Executive Vice President, Chief Executive Flat Glass, handed Minister Vassilev a letter of intent during the meeting. Deputy Economy Minister Nikola Yankov and Pavel Ezekiev, chairman of the Bulgarian Foreign Investment Agency also were present.

Sisecam holding's daughter company Trakiya, the only producer of flat glass in Turkey, will be in charge of the investment project. The company holds 3% share of the world and 9% share of the European capacity for flat glass production.

The initial investment of the Turkish giant is set at USD 100 M, while the total amount of investments will reach USD 170-180 M.

The factory will have an annual capacity of 200,000 tonnes.

The investment is expected to have a direct impact on the growth of the Bulgarian economy, the Economy Ministry said in a statement circulated to the press.

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