February 13 (SeeNews) - Bulgarian pharmaceutical company Huvepharma said on Monday it will invest 150 million euro ($159.3 million) in a new manufacturing facility in the town of Peshtera, in southwestern Bulgaria.
Upon completion, the facility will increase by 50% the company’s production of animal food supplements and health products, Huvepharma told SeeNews in an email.
Huvepharma has three manufacturing facilities in Europe and five in the USA.
In Bulgaria, Huvepharma's manufacturing subsidiary Biovet [BUL:53B], has three production plants - in the towns of Peshtera, Botevgrad, and Razgrad.
In December, Huvepharma increased its stake at Biovet by 3.06% by acquiring 207,724 shares at a price of 15.11 levs apiece. The company holds a 93.07% stake in Biovet, 89.39% of it directly, and 3.68% indirectly, under an agreement for the joint management of Biovet with minor shareholder Opportunity 2009.
Huvepharma also announced it intends to introduce several new products in the next few years.
Sofia-based Huvepharma exports the majority of its production. The company has representative offices and subsidiaries in Bulgaria, Belgium, Poland, China, Taiwan, Thailand, USA, Russia, India, Brazil and Turkey.
($ = 0.9417 euro)