Srbijagas, Serbia’s state-owned gas company, completed the sale of Srpska Fabrika Stakla AD, the country’s only maker of glass packaging, to Glass Industry of Bulgaria.
The Bulgarian group agreed in March to buy 64 percent of the glass plant for 35 million euros ($43 million) and invest at least 22 million euros to upgrade the plant in Paracin, 155 kilometers (96 miles) south of Belgrade, tripling its annual output to 120,000 tons.
The group of investors includes Pleven, Bulgaria-based Rubin JSC, which bought the Serbian plant in 2006 for 100,000 euros and later ceded a majority stake to Srbijagas after the company racked up 34 million euros of debt for delivered gas.
The Bulgarian investors may reduce the factory’s workforce of about 1,600, Srbijagas said in a statement today.
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