The plans follow an agreement concluded between Bulgarian government and the company Trakya Glass Bulgaria on the implementation of a priority investment, signed on 9 April 2004.
Trakya Glass Bulgaria is a subsidiary of the Turkish holding Sisecam. It has received the recognition of major International Investor of Year 2004 for a green-field investment of EUR 18.1 M.
The large investment project was launched in early July 2004 by Prime Minister Simeon Saxe-Coburg and his Turkish counterpart Recep Tayyip Erdogan.
The Turkish company started the construction of the first conveyor line for the production of sheet glass in the Balkans with investments standing at USD 160 M.
The construction of the new facilities will result in the opening of more than 700 new jobs. The company's management plans to turn the factories into a regional leader in terms of the production of sheet glass. Some 85% of output is expected to be exported to EU member states.
With the opening of the two new factories, planned for launch in the second quarter of 2006, the total investment of Sisecam in Bulgaria will reach USD 220 M.