The Austrian wood-based panels manufacturer Kronospan plants to double production at two sites in Bulgaria. Kronospan is active in the country since 1997 and owns three sites at the present.
According to Bulgarian media, Kronospan wants to invest around 300 million leva (153.4 million euros) in the next three years for the expansion in Bulgaria. The two sites where the Austrian will invest are Veliko Tarnovo, in the north of Bulgaria, and in the port city of Burgas.
Bulgarian media reports that Kronospan already obtained a building permit for the construction of a new particleboard plant in Veliko Tarnovo. The investment will be financed partly by own company funds and partly with a bank loan. More than 70 percent of the production will go for export.
At Kronospan's Burgas site, a new MDF plant will be built. The building permit will be obtained soon, company representatives said.
Kronospan Bulgaria scored a turnover of around 89 million euros in 2014. The company claims to have invested around 130 million euros in the country since 1997. In addition to its sites in Veliko Tarnovo and Burgas, Kronospan has since 2009 a logistics base in the Bulgarian capital of Sofia.