SOFIA, Bulgaria, June 23 (SeeNews) – Portuguese glass packaging manufacturer BA Glass Group will invest nearly 60 million euros ($ 71.7 million) in modernizing its plant in Sofia, the company announced on Wednesday.
BA Glass plans to build a new glass packaging furnace at the plant to streamline manufacturing processes and increase production, a statement said.
The company will also install photovoltaic roof panels at the facility, it added.
BA Glass also announced that it will hire an additional 100 people at its Sofia facility due to increased production.
The investment is part of the company’s strategy announced in 2017 to invest over 200 million euros in its Bulgarian plants to double their production capacity, increase efficiency and improve the quality of its products.
BA Glass operates two plants in Bulgaria – in Sofia and Plovdiv.
In 2019, BA Glass invested over 50 million euros in several projects at the Plovdiv plant, including replacing the old furnace with a new one.
BA Glass acquired the Bulgarian Drujba Glassworks from the Greek glass manufacturer Yioula in 2017. Drujba Glassworks was then renamed BA Glass Bulgaria and delisted from the Bulgarian stock exchange.
According to the website of the commercial register, BA Glass Bulgaria is wholly owned by Dutch Glasstank BV
Glasstank BV is a wholly owned subsidiary of BA Glass BV, according to information on the company’s website.
BA Glass Bulgaria posted net income of 79.7 million levs in 2019, compared to a net income of 37.3 million levs in the previous year when sales rose from 246.6 million levs to over 1.1 billion levs. BA Glass Bulgaria generated most of its revenue from sales abroad – in Greece, Romania, the UK and other countries, as the company’s latest financial report shows.
(1 euro = 1,95583 lev)