Sisecam To Invest Further 415 Mln Dollars in Bulgaria

Sisecam To Invest Further 415 Mln Dollars in Bulgaria

Turkish glass products maker Sisecam has completed the biggest greenfield investment project in Bulgaria with the official inauguration of the Trakya Glass Bulgaria glass production complex of the company in the town of Targovishte. The event also the last in the first stage of the investment program of the company in Bulgaria. The official ceremony was attended by Turkey's Prime Minister Recep Tayyip Erdogan, Bulgaria's Minister of Economy and Energy, Petar Dimitrov, the Board of Directors of Sisecam, representatives of financial institutions and MPs.

The four plants in Targovishte, which specialize in the production of flat glass, glassware, tempered glass and mirrors, have a payroll of 1,500. Sisecam has invested a total of 380 mln dollars in the complex so far. The annual turnover of the complex will total 175 mln dollars in 2008, while the proceeds for the Bulgarian economy from exports of the output to 45 countries will amount to 150 mln dollars.

Trakya Glass Bulgaria's first production facility, which accommodates the largest glassware furnace in Europe, kicked off production in July 2005.

The flat glass production facility was inaugurated less than a year later in March 2006. This is the first plant featuring the modern float glass production technology in the Balkans and one of the largest flat glass production facilities in Europe. The plant provides input for various sectors including construction, automotive, household appliances, furniture, energy, and agriculture.

Operations at Sisecam's third plant in Bulgaria were launched in April 2007. The facility specializes in the production of tempered glass used in household appliances. The fourth plant of the complex, which produces mirror glass for the construction sector and the furniture industry, kicked off production in May 2007.

Sisecam plans to double its investments in Bulgaria through the expansion of the output capacity of its Targovishte-based unit. Further 415 mln dollars will be invested by 2010 in the setting up of four new plans, which will be part of the complex. The Turkish company plans to build e second flat glass plant, as well as an automotive glass plant, which will supply its products to Central and Eastern Europe. A new plant for the production of laminated glass will also be built. The fourth new plant will specialize in power saving insulation glass. The new production facilities will employ a total of 500, while the annual turnover is forecast at 185 mln dollars.

Sisecam will have invested a total of 800 mln dollars in Bulgaria after the second stage of the investment program is completed. The eight plants of the company will employ a total of 2,000, while the annual turnover of Trakya Glass Bulgaria will amount to 360 mln dollars.

The Sisecam group, which Trakia Glass Bulgaria is part of, has a payroll of more than 17,000 and generates annual sales of over 2.5 bln dollars. Shareholders in Trakia Glass Bulgaria include Trakya Cam Sanayi and Pasabahce Cam Sanayi ve Ticaret.

Sisecam Holding is the fifth largest flat glass maker in Europe, as well as the second largest glassware producer in Europe and the third largest in the world. The products of the holding company are exported to more than 130 countries worldwide.

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