Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Shishedjam Holding- Turkey has started in July 2004 the construction of two glass factories in Targovishte. The planned and announced investment amounted $160 million. On 15 June 2005, during the opening ceremony of the gas-distribution and gas-measuring stations which were built especially for the new factories, Mayor of Targovishte Krassimir Mirev announced that a new factory will be built creating up to 1,100 new positions, instead of 700 as originally planned for the two factories.
The auxiliary services such as transport, catering will give work to more people in this region, where the unemployment is among the highest in the country. Investors are planning to have the first factory ready by the end of 2005. Currently there are some 350 persons working on the building of the factories and the auxiliary equipment. Shishedjam Holding realizes this investment through its locally-based daughter company Trakia Glass Bulgaria.
On 14 July 2005 the Minister of Economy Milko Kovachev and the executive directors of Shishedjam Mrs Alef Yareman and Mr Ahmed Arikan have signed a supplementary agreement to the investment contract. It confirms that new investment of $60 million will be made in the factories. Thus the common investment of Shishedjam in the region of Targoviste will reach $220 million. Unemployment in Targoviste is expected to decrease by 4% - from 27% to 23% - when the new factories start the production. ‘We also expect the annual turnover from the four factories to reach $220 million’, said Mrs Yareman.
The first factory, where $75 million have been invested, has started production on 27 July 2005 (the plan was initially to begin by the end of 2005), with some 579 people hired. The production is kitchen glassware. The capacity of the factory is reaching 54,000 tons glassware per year, ( 235 million vessels per year). At the moment Shishedjam has 12% from the European glassware market, and with the production of the new factory this share is expected to increase to 15%, said the executive director of the factory Mrs Azeri. The first products will be ready by mid-August 2005.
Eurofound (2005), Trakia Glass Bulgaria, Business expansion in Bulgaria, factsheet number 61768, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61768.
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