February 9 (SeeNews) - Bulgarian cellulose producer Svilosa will invest some 25.7 million levs ($14.1 million/13.1 million euro) in a new microcrystalline cellulose facility at its plant in the northern town of Svishtov, the innovation ministry said on Friday.
The investment project, aimed at diversifying the company's operations, is expected to generate 40 new jobs, the innovation ministry said in a press release.
"For more than 20 years, we have been purposefully investing in green energy and the circular economy. With this project, we will close the production cycle from raw material to end product", Svilosa owner Krasimir Dachev said.
The company's investment strategy seeks to strengthen its leadership positions in the cellulose sector across the Balkans and Europe, the ministry added.
Svilosa, through its main subsidiary Svilocell, is the only producer of bleached kraft pulp in Bulgaria, according to its website.
(1 euro = 1.95583 levs)