August 20 (SeeNews) - Bulgarian aluminium products manufacturer Alcomet [BUL: ALCM] said that it received the approval of the 1.7 million euro ($2 million) project ALUGREEN (Greener anodizing for cleaner nature) under the Business Development, Innovation and SMEs programme for Bulgaria supported by Norway grants.
The project aims is to boost Alcomet's competitiveness through the implementation of innovative green processes in the company's anodizing shop in the northeastern city of Shumen over the next 18 months, and will be supported by the Norway Grants 2014-2021 mechanism which will contribute 650,000 euro representing 37.9% of the eligible costs of the project, Alcomet said in a statement on Thursday.
"The implementation of innovative technical solutions for the main anodizing line and its adjacent wastewater treatment plant will help optimize Alcomet’s production and straighten its market positions," the company said.
Alcomet produces household, technical and container foils, sheets and strips, as well as standard and customized profiles.
Business Development, Innovation and SMEs Bulgaria is a business development programme aiming to increase value creation and sustainable growth in the Bulgarian business sector. The programme is part of Norway Grants 2014-2021 financial mechanism.
As at 13:50 CET, shares in Alcomet traded flat at 9 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)