SOFIA (Bulgaria), June 25 (SeeNews) – Bulgaria’s SID Enterprise, which produces doors under the Secdoor brand, plans to build a 5 million levs ($3.0 million/2.6 million euro) factory near the city of Plovdiv, after signing a major deal envisaging exports to 28 countries in the Middle East, Asia and Africa, Stoyan Troshev, the company’s managing director, told SeeNews on Monday.
When fully finished, the factory is expected to triple the company’s output, which currently amounts to around 3,000 doors per year, Stoyan Troshev said in an interview for SeeNews.
The factory will be built in three stages, the first of which envisages facilities covering 1,500 square metres. Once complete, the factory will spread on a total of 4,500 sq. m.
Earlier this year, the company acquired a 0.75-hectare land plot in the village of Тsaratsovo, near Plovdiv, where the factory will be built.
The construction of the factory is partially motivated by the recently signed framework agreement, which covers large markets, such as South Africa, Turkey, India and others.
Although the total value of the agreement is not set, SID Enterprise expects to get orders worth around 1 million euro per year from the deal, Troshev clarified.
The other party to the deal is a company with Belgian ownership whose name Troshev would not disclose, he said.
SID Enterprise has already delivered the first doors under the deal, aimed for a large logistics centre in Azerbaijan.
Up until now, the company mainly operated on the local market, as exports accounted for a limited part of its revenue. Exports were mainly targeted at neighbouring countries, such as Romania, Macedonia, Serbia, as well as countries in Western Europe, including Belgium, France and Italy.
However, despite the company's growth, SID Enterprise is currently not planning to set up any subsidiaries outside the country, Troshev said.
Secdoor is an established brand on the Bulgarian market, with over 20,000 doors sold up to date. Currently, around 70% of the company’s output consists of industrial doors, with garage doors and sliding gates account for the remaining part.
(1 euro = 1.95583 levs)