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Nov 06, 2007 14:59 EEST
November 6 (SeeNews) - Palfinger Bulgaria, a unit of Austrian crane manufacturer Palfinger, said on Tuesday it plans to invest up to 25 million euro ($36.3 million) in a new hydraulic cylinder production facility which will double its output.
“The new facility is due to be completed by the end of 2008,” a company official who declined to be named told SeeNews.
The company expects its turnover for 2007 at about 30 million euro, more than 20% higher on the year.
Palfinger has chosen the new European Union (EU) member state to relocate basic production operations from its plants in France, Germany and Austria. Bulgaria joined the EU in January.
The company relocated hydraulic cylinder production from Lengau, Austria, to Tenevo, southeastern Bulgaria, in 2004.
Palfinger Bulgaria has completed the construction of a 20 million lev ($14.8 million/10.2 million euro) production unit in Cherven Bryag and plans additional investments to expand its facilities at the site.
The Cherven Bryag plant specialises in sheet-metal working, manufacturing of welded components for the assembly plants, production of crane booms, additional supports, outriggers, components for tail-lifts and other parts for the assembly plants.
(1 euro=1.95538 Bulgarian levs)
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