Sisecam increases investments in Bulgaria to USD 220 Million

Turkish glass and chemicals group Turkiye Sise ve Cam Fabrikalari (Sisecam) will boost its investment in the glass plant at Targovishte, northeastern Bulgaria, which is currently under construction, t…

Turkish glass and chemicals group Turkiye Sise ve Cam Fabrikalari (Sisecam) will boost its investment in the glass plant at Targovishte, northeastern Bulgaria, which is currently under construction, to USD 220 million (EUR 170.8 million) from the planned USD 160 million (124.2 million EUR), it was reported on 14 April 2005. The construction of the plant, reportedly the largest Turkish investment in Bulgaria to date, was launched on 7 July 2004. The investment was initially increased to USD 195 million (EUR 150.6 million) but the figure is expected to reach USD 220 million due to the installation of decoration, mirror and glass processing facilities. The planned annual sales revenue of the plant, which will have a workforce of 1,065, was also raised to USD 147 million (EUR 114.1 million) from USD 120 million (EUR 93.2 million). Sisecam plans to export 90% of the plant“s output. It will be the biggest glass plant in the Balkans. The Targovishte plant will have the largest glass furnace in the world and a unique glassware furnace, Sisecam vice-president Gulsum Azeri said.