September 13 (SeeNews) - Portuguese glass packaging manufacturer BA Glass plans to invest some 400 million levs ($227.1 million/204.5 million euro) in expansion of its production capacity in Bulgaria over five years, Bulgarian news outlet Capital.bg reported on Friday.
The majority of the investment will be made in 2020 and 2021, Capital.bg reported
BA Glass intends to build two new furnaces to double the production capacity of its facilities in Bulgaria. The company currently operates two furnaces in the country - in Sofia and Plovdiv.
BA Glass acquired Bulgaria's Drujba Glassworks from Greek glassmaker Yioula in 2017. Drujba Glassworks was subsequently renamed to BA Glass Bulgaria and delisted from the Bulgarian Stock Exchange.
Since then, BA Glass has already invested 83 million levs in several projects at its Plovdiv plant, including the replacement of the old furnace with a new one, which has 70% larger capacity - 120,000 t. The new furnace, which became operational this year, is expected to help the company increase its output in the country from 330,000 t. of glass packaging in 2018 to 340,000 t. this year and 380,000 t. in 2020.
BA Glass Bulgaria turned to a net profit of 37.3 million levs in 2018 from a net loss of 6.3 million levs the year before. The company's sales revenue grew to 246.6 million levs last year from 221.3 million levs in 2017.
In 2018, BA Glass Bulgaria generated 31.6% of its sales revenue on the local market and 68.4% from exports. The company exports its output to over 20 countries in Europe.
(1 euro = 1.95583 levs)
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