Devin, the Bulgarian water bottling company owned by Austria's Soravia Gruppe, said it focuses on the market segment for 19 containers for water coolers as it tries to latch onto growing domestic demand on this relatively underdevelopment niche.
Devin, which went public in 2007, said it has around 20% of the overall bottled water market and 30% of the water cooler market.
The company will invest 3 mln levs to boost its presence on the water cooler segment in 2008, debuting the Devin Office brand.
The company has already bought a bottling line for water coolers with an hourly capacity of 950 containers.
'The idea is to nurture a nationwide business based on a value added service which is not available at the moment,' said Devin CFO Nikolai Andreev.
The water cooler segment has been chalking up annual growth increments of around 30% in the past couple of years, according to Devin which sees 2008 growth at 15%.
The Devin figures are somewhat higher than the growth rates reported by the Bulgarian Soft Drinks Association which said growth of domestic water cooler sales decelerated to 10% in 2007.
Devin estimates domestic water cooler sales at around 70 mln liters annually or 12% of the overall bottled water market.
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