Italian firm to invest 55mn lev in Bulgarian textiles

27 Feb '14

1 min read

Italian company E.Miroglio would be investing 55 million lev for fabric production in Bulgaria this year, reports Sofia News Agency.

Edoardo Miroglio, head of the Italian firm, said the company would invest 55 million lev in its textile factories in Bulgarian cities of Silven, Yambol and Svishtov in 2014.

The investment will be used for replacement of old machinery and equipment to increase production and expand product range, building of new premises for fabric production, and introduction of innovative technology for the first time in Bulgaria, Mr. Miroglio said.

In Silven, a new fabric production unit would be constructed at a cost of 25 million lev, creating about 140 new employment opportunities.

In Yambol, new machinery would be installed at the existing facility and part of the 3.52 million lev needed would come from the Enhancing Competitiveness project.

In Svishtov, the Italian firm would focus on improving quality of products and preparation of dyes.

Last year, E.Miroglio recorded a turnover of 210 million lev compared to 190 million lev a year earlier. In 2014, the company plans to reach a turnover of 240 million lev and achieve 264 million lev by 2015.

The three fabric production units in Bulgaria together employ about 2,300 persons.

Fibre2fashion News Desk - India

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