April 27 (SeeNews) - Maize processor and starch producer Amylum Bulgaria, part of US food processing company Archer Daniels Midland Company (ADM), will invest more than 200 million levs ($123.5 million/102.2 million euro) in the expansion of its plant in the town of Razgrad, in northern Bulgaria, the government said on Friday.
The company plans to increase its staff by 300, the government press office said in a statement.
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After the plant's expansion Amylum Bulgaria will be able to process 900,000 tonnes of maize per year.
The new investments will significantly increase the processing capacity for maize and end products, Amylum Bulgaria's owner ADM said in a separate statement. The investments will allow ADM to meet the expected increase in demand for starch sweeteners after the abolition of sugar quotas in the European Union in September 2017, it added.
Most of the plant's output will be exported, ADM also said.
Amylum Bulgaria is active in maize processing and the production of sweeteners such as glucose, fructose and dextrose.
(1 euro = 1.95583 levs)