Bulgaria Govt Seeks Investor for Bankrupt Glass Factory in Razgrad

Bulgaria's government is seeking a strategic investor for the bankrupt glass factory "Diamant" in Razgrad, according to Deputy Prime Minister Daniela Bobeva.

Speaking Monday in the northeastern city of Razgrad, Bobeva also made clear that the government was looking for opportunities to restart the operations of the local meat processing plant "Rodopa."

Bulgaria's Deputy Prime Minister in charge of economic development noted that investors had expressed an initial interest in the bankrupt "Diamant" glass factory and the InvestBulgaria Agency was working on the case. Bobeva, as cited by mediapool.bg, added that investors from Germany had also been invited to look into the business opportunity.

The glass factory went bankrupt in 2001. In 2007, the Via Glass company, a subsidiary of Plovdiv-based Via Properties, showed interest in buying the factory. The Bulgarian company entered into partnership with China Luoyang Float Glass Group, an international leader in float glass production.

The Chinese company announced that it intended to invest over EUR 80 M in a factory producing float glass, medical glass, glass for solar power plants, etc.

In 2010, the demolition of the buildings of the old glass factory started.

However, the investment in the new factory was not fulfilled and the reasons which made the Chinese company withdraw were not announced.

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