New glass factory to open near Razgrad

Chinese holding Loyal Glass Group has announced plans to open a glass production factory near Razgrad, Dnevnik daily reported, citing the Bulgarian news agency BTA. The factory will be entirely designed and built in 20 months by another Chinese company, whose name was not released.

The project will be financed by a Chinese state bank, and it has been said that the loan payoff will begin one year after the factory goes into operation.

The right of ownership over the production and factory equipment will be granted to the Bulgarian company Via Properties. The same company bought assets of bankrupt glass factory Diamant in Razgrad for a selling price of eight million leva in 2007. Initially, it advertised a possible investment of 50 million leva in order to revitalise the collapsed industrial giant.

In July, Dnevnik daily reported that Via Property was in negotiations to re-sell the former household china producer. The new buyer was a Blagoevgrad-based firm Galchev Engineering, which had agreed to pay 10 million leva for a plot of two ha, where a silica processing facility had been located.
Dnevnik has quoted the buyer as saying that no further intentions would be revealed, such as plans for future utilisation of the property.

The new glass factory will employ between 320 and 500 people, and Chinese specialists will offer job training on the spot.