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SOFIA (Bulgaria), June 7 (SeeNews) - Bulgarian plastics producer Integra Plastics is investing 40 million euro ($45.2 million) in a plastic waste recycling factory near Elin Pelin, on the outskirts of Sofia, local media reported on Friday.
The new factory is expected to recycle 40,000 tons of plastic waste material annually to produce 24,000 t of high-density polypropylene granules, that can be further used for production purposes, business news outlet Capital reported.
The company has meanwhile opened an office in Thessaloniki, Greece, which will be responsible for sales.
Some 80 employees are expected to be employed at the plant.
Integra Plastics has financed the project with own funds and bank loans. The company expects to return its investment within a period of seven years.
The decision for the investment comes as a result of China's recent ban on household plastic waste imports that created a market niche in local economies.
Integra Plastics, established in Sofia at the beginning of 2018, is majority owned by Betainvest - the company of businessman Angel Georgiev, who also owns grain trading company Bildcom and sunflower oil producer Oliva.
Integra Plastics in specialised in the production of low-density polyethylene, high-density polyethylene and polypropylene granules with a yearly capacity of 30,000 metric tonnes.
($ = 0.8818 euro)