November 13 (SeeNews) - Bulgarian furniture manufacturer Parallel said on Tuesday that it broke ground for a 27 million levs ($15.5 million/13.8 million euro) capacity expansion project.
In 2019, the company expects to increase its turnover by 25% to 90 million levs, Parallel said in a statement.
The new facilities, which will spread on 26,500 sq m, include production halls, storage area and an office building. Construction works will be carried out by local Castello Precast.
The investment will create 100 jobs. Currently, the company employs around 900 people.
Parallel has invested 41 million levs in new buildings and equipment in the past five years, the company said.
According to commercial register data, Parallel is fully owned by private investor Yordan Kovachev.
(1 euro = 1.95583 levs)