Turkey's Sisecam to Change Location of Bulgarian Plant

Date: 18 September 2003
Source: Novinite.com

Date: 18 September 2003

Turkey's Sisecam will most probably build its production line for flat glass in the Bulgarian town Targovishte instead of in Rousse as it was planned, Bulgarian MP Ivo Tsanev announced citing reliable sources.Data from the Rousse's municipal administration also shows a delay in Sisecam's activity.

Rousse's municipal governor Roumen Yanuarov asked in August representatives of the Turkish company to sign the contract for granting Sisecam possession over the spot where the plant had to be build but no one appeared.

Ivo Tsanev also said that the Turkish company would most probably build its plant out of Rousse so that it would use some tax concessions.

Tsanev explained that in his opinion Bulgaria's government has not given full consideration to the legal procedure for the transfer of the possession over the spot."It has been given to the Turkish company through "donation procedures" which is one of the forms suffering heavy taxes in Bulgaria", Tsanev underlined.

In April it was announced that Turkey's Sisecam is to build in Bulgaria a production line for flat glass, making the biggest greenfield investment in the country.

Sisecam holding's daughter company Trakiya, the only producer of flat glass in Turkey, will be in charge of the investment project. The company holds 3% share of the world and 9% share of the European capacity for flat glass production.

The initial investment of the Turkish giant is set at USD 100 M, while the total amount of investments will reach USD 170-180 M.
600450 Turkey's Sisecam to Change Location of Bulgarian Plant glassonweb.com

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