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SOFIA (Bulgaria), January 25 (SeeNews) - Bulgarian packagings manufacturer Extrapack is investing 12 million levs ($6.9 million/6.1 million euro) in the construction of a new factory for paper bags, its fourth production facility, local media reported.

The project located near Veliko Tarnovo, in northern Bulgaria, is part of an investment package worth 25 million levs, business news outlet Capital.bg reported on Monday.

The new production plant will be situated near the company's existing manufacturing facilities. Extrapack will move its entire production of paper bags to the new factory, which will double its manufacturing capacity for this type of product.

The project is being financed with the company's own funds and a loan from UniCredit Bulbank, the local unit of Italian banking group UniCredit.

According to the media report, Extrapacks's sales in 2021 are estimated at about 80 million levs. The company increased its sales revenue by 17% in 2020, to 74.4 million levs.

The company's main markets are the countries of the EU. Demand is growing steadily everywhere, especially in Western Europe, where Extrapack has many customers in the field of clothing, Capital.bg quoted Milen Georgiev, the largest shareholder in Extrapack, as saying.

Milen Georgiev owns 36% in Extrapack's capital. Private individuals Veselin Georgiev, Ivaylo Penchev and Nikolay Kolev control stakes of 18% each, while Nedko Hristov owns 10%, commercial register data showed.

Extrapack, founded in 1995, operates three production plants located near Veliko Tarnovo. The company also operates a trade centre and a warehouse in Sofia.

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