March 20 (SeeNews) - Chinese bio-fermentation products maker Fufeng Group is studying opportunities to build a factory in Bulgaria that could command an investment of up to 1.2 billion euro ($1.3 billion), the Bulgarian ministry of economy said.
The potential factory would create around 2,000 new jobs, the economy ministry said in a press release on Friday after a meeting with representatives of Fufeng.
The production facility is expected to use 1 million tonnes of maize per year. The company intends to purchase mainly locally grown maize, and if local production is insufficient, to import from nearby destinations.
The Chinese company is also exploring opportunities for its potential investment in several other European countries, according to the press release.
Listed on the Hong Kong Stock Exchange, Fufeng Group claims to be the world's largest monosodium glutamate (MSG) and xanthan gum manufacturer, with corn kernels accounting for over half of its production costs, its website shows. The group also has subsidiaries making amino acid products, maize refined products, starch sweeteners, fertilisers, corn oil, compound seasoning and animal nutrition products, among others. In 2021, the group grew its revenue by 29% year-on-year to 21.5 billion yuan ($3.1 billion/2.9 billion euro), with attributable profit more than doubling to 1.3 2 billion yuan, its most recent annual report showed.
With output capacity of over 1.1 million tonnes of MSG in 2021, Fufeng Group has production facilities in China and is planning to build a plant in North Dakota, in the U.S.
($ = 0.9352 euro)