Bulgarian cosmetics producer Lavena plans to invest 6.8 million leva (about 3.4 million euro) in a new plant in the town of Shumen with the aim to expand its foreign markets. The new facility will be built and equipped up to the world standards. The project is expected to be approved by the company's shareholders in September.
Though the investment is substantial compared to Lavena's 11.4 million leva assets, the management do not see the project as risky. 'The company has the necessary resources to finance the project, including the purchase of equipment," procurator Silvia Dishleva told the Capital Daily.
Currently Lavena exports its products to the EU, Russia and Libya. In the mid term, its plans are to cover the Balkan region, the Arab countries and Asia.
In Bulgaria, Lavena is positioned in the medium-price segment and its cosmetic products are widely marketed. For the first half of 2013 the company's sales rose 9%.
Read more in Bulgarian here.