The Company is continuing its expansion into East Europe. On 30 September 2002, we took possession of 98.08% of the shares in Plovdiv-based Rodinvest AD, which in turn holds 91.35% of the shares in Rodina AD, also registered in Plovdiv.
At the general meetings held on 30 September, the new owner made changes to the management of the two companies and decided on a major capital expansion. Plans for next year include a multi-phase modernization of the factory’s production facilities, organization and information system, training of employees, and transfer of the Group’s accumulated know-how. The total capital expenditure will surpass EUR 16 million. By establishing standards commensurate with the company group’s operations elsewhere in terms of product range, service and productivity, we intend to provide Bulgarian corrugated case customers with internationally-competitive services.
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