June 18 (SeeNews) - Bulgarian sanitaryware manufacturer Ideal Standard-Vidima, a unit of Brussels-based Ideal Standard International, said on Friday that it plans to invest at least 6 million levs ($3.7 million/3.1 million euro) in its bathroom fittings plant this year.
Following the investment, the factory's capacity will be expanded by 1 million items to 7 million items annually, the company said in a blogpost.
Last year, Ideal Standard-Vidima invested around 5 million levs.
"We are currently drafting the five-year business development strategy and I can say that the company's largest investments will once again be in the factory," its director, Emil Gatev, said.
Ideal Standart International has invested over 300 million levs ($169.8 million/ 153.4 million euro) in Ideal Standard-Vidima since 1992. The group has created over 3,200 jobs in Bulgaria, Torsten Turling, ex-CEO of Ideal Standard International, said in November 2019 at the official opening ceremony of Ideal Standard-Vidima's modernised plant in Sevlievo, central Bulgaria.
The Ideal Standard group has representative offices in Romania and Serbia. The group also operates in Croatia, Albania, Kosovo, Bosnia and Slovenia.
Earlier this year, Germany-based ceramic products manufacturer Villeroy & Boch said that it is no longer in talks about a possible acquisition with Belgium-based Ideal Standard International, the parent company of Ideal Standard-Vidima.
(1 euro = 1.95583 levs)