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SOFIA (Bulgaria), December 4 (SeeNews) - French aviation systems manufacturer Latecoere will invest over 5.57 million levs ($3.2 million/2.8 million euro) in expansion of the capacity of its aircraft parts plant in Bulgaria, the economy ministry in Sofia said on Wednesday.
The investment will add 35 jobs to the existing 200 at the plant, the ministry said in a statement after awarding an investment certificate Class A to Latecoere Bulgaria for the project.
The plant, located in the Radinovo economic zone near Bulgaria's second-largest city of Plovdiv, will start to assemble metal components for Airbus A350 nose cone sections under the project. The components are a new type of product for Latecoere, the ministry said.
Last year, Bulgaria's defence ministry signed an agreement with Airbus for the construction of the plant. Under the terms of the agreement, Airbus will provide strategic investment for the project. The factory will have 300 employees during the first three years of operation and their number can rise to 800 in the next eight years, the defence ministry said at the time.
Toulouse-based Latecoere supplies its products to aircraft manufacturers such as Airbus, Boeing, Embraer, Bombardier and Dassault Aviation.
Holders of Class A investment certificates in Bulgaria benefit from shorter terms for administrative services and financial aid for construction of infrastructure elements.
(1 euro = 1.95583 levs)