April 27 (SeeNews) - US-based International Armored Group (IAG) will make an initial investment of 20 million levs ($10.8 million/10.2 million euro) in the construction of a plant for production of armored vehicles in the Bulgarian city of Burgas, the municipal government said on Wednesday.
The investor has already signed a preliminary contract for the acquisition of 150,000 sq m land plot for the construction of the plant, to be located in Burgas Industrial Zone, the municipality said in a statement.
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The number of employees at the plant is expected to exceed 300 people. As part of the project, IAG will fund on-site training programs at the company's plants in the UAE and Turkey, as well as in Bulgaria, with the help of foreign specialists.
This plant, IAG's fourth and largest production base worldwide, will manufacture the entire range of the company's products, including its latest armored infantry vehicle RILA 8x8.
The construction works, planned to start at the end of this year, will be carried out in stages. The plant's main production hall is expected to be completed in 2024.
Florida-headquartered IAG is a manufacturer of armored vehicles, providing customised armoring solutions for private security protection, government and law enforcement, and cash-in-transit industries. The company produces armored SUVs, pick-ups and sedans, armored buses and mini-buses, anti-riot vehicles, armored personnel carriers, and cash-in-transit vehicles. IAG has combined manufacturing space of over 350,000 sq ft and over 500 employees worldwide, according to information published on the company's LinkedIn profile.
(1 euro = 1.95583 levs)