BULGARIA: Miroglio plans to setup spinning & textile-dyeing unit

SOFIA: The Italian textile maker Miroglio Group plans to invest about 78 million leva (almost 40 million euro) in its sixth factory in Bulgaria, Massimo Bartocci, CEO of Miroglio Bulgaria said here on May 21.

The CEO further clarified that with the estimated investment, the company is in process to setup a spinning and textile-dyeing factory with a water purifying unit in the south-eastern town of Yambol.

The construction of the unit has already started and about 50 percent of the investment has been used and the 78 million leva investment will be completed in the spring of 2007.
The largest Miroglio Bulgaria in the country produces woolen, cotton and polyester textiles in three units, located in Elin Pelin near the capital Sofia and in Sliven, south-eastern Bulgaria.

Whereas the other two units are a spinning mill in Nova Zagora, also in the southeast, and yarn maker Raumer Bulgaria in Sliven.

The CEO further estimates a turnover of about 30-40 million leva in the first year and 60-70 million leva in the second year and return on the investment would depend on market conditions.

For the year 2005, Miroglio Bulgaria registered a turnover of 202 million leva and had a net profit of 4.7 million leva on 44 million leva turnover.

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Added: May 22, 2006 Source: Press release.
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