SOFIA (Bulgaria), February 6 (SeeNews) – Bulgarian car battery maker MonBat [BUL:5MB] said it absorbed 17.45 million levs ($11.6 million/8.9 million euro) in investments last year while a further 2.175 million levs were invested in its wholly-owned unit MonBat Recycling.
MonBat also said in a statement on Friday it has successfully completed a project aimed at improving its competitiveness for which it received a grant in the amount of 4.2 million levs from the Bulgarian Small and Medium Enterprises Promotion Agency.
Under the 18-month project, the company invested in new equipment for the manufacturing of grills and plates for dry-charged and gravity-cast lead acid batteries.
The grant was extended under the state agency's Technical Modernisation of Large Enterprises programme.
MonBat is majority-owned by Bulgarian lubricants producer Prista Oil.
(1 euro = 1.95583 Bulgarian levs)