Textile Company Pours BGN 55M into Three Bulgarian Factories

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The E. Miroglio company, leader on the international textile market, will invest 55 million BGN in its textile factories in Bulgaria’s cities of Sliven, Yambol and Svishtov in 2014.

Part of the money will come from European programs, the owner of the enterprise Edoardo Miroglio announced.

Projects involve replacement of old equipment, increased product range and building of new premises for the production of fabrics introducing an innovative technology which has not been used in Bulgaria so far.

The construction of the new factory in Sliven only will cost BGN 25M and will open jobs for about 140 people.

The factory in Yambol will be equiped with new machinery, and part of the funds will come under the Enhancing Competitiveness project worth BGN 3.52M.

“Our investment in the factory in Svishtov is entirely focused on improving the quality of products and the preparation of dyes. Hopefully, we will expand further into the global markets,” said Miroglio, cited by Bulgaria’s Capital Weekly.

The Miroglio textile companies export products to 65 countries and sell to more than 6000 customers.

“Each year we invest some BGN 10M – 15M in our textile factories in Sliven, Yambol and Svishtov,” Edoardo Mirgolio said.

In 2013, E.Miroglio reached a turnover of BGN 210M compared to BGN 190M in the previous year.

“By the end of this year we plan to reach a turnover of BGN 240M, and in 2015 we hope to earn some BGN 264M,” the owner vowed.

In 2012-2014 E.Miroglio has increased its staff by 300 people. Currently, the three factories in Bulgaria give work to a total of 2,300 people.

Bulgaria’s Minister of Economy and Energy Dragomir Stoynev attended the investments presentation and claimed that there will be regulation amendments aiming at investment promotion.

“I am not satisfied with the way the Jeremie program operates. The funds do not reach the business,” Stoynev said.

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