Банкеръ Weekly

Briefs

SOLVEY SODI CELEBRATES HALF A CENTURY JUBILEE

The Devnya-based Solvey Sodi accounts for 4% of the global output of soda ash, it was pointed out during this week's celebration of the 50th anniversary since that production was launched in Bulgaria and 30 years of the works' establishment. The annual production capacity of the top European soda ash manufacturer has reached 1,200,000 tons. However, only 10% of that output is sold on the Bulgarian market and the balance of 90% is exported. I trust the company's employees and their ability to seek and introduce technological novelties, said Alloys Mickelsen, Chairman of the Executive Committee of the Belgian Solvey group, which is the works' owner. Solvey Sodi reported BGN18.5MN in profit for 2002 and a turnover of BGN215MN. Its 2003 financial performance was also positive, The company has three more firms in Bulgaria, acquired in 2000 - the brine producer Provadsol, the Deven thermoelectric power station, and the Devnya Varovik limestone pit, in which Devnya Cement has a stake, too. On April 14, 1997, Belgium's holding for chemical and pharmaceutical products, Solvey, in a consortium with the top Turkish glass-maker, Sisejam, purchased 60% of Sodi Devnya against USD160MN. Currently, the Belgians hold 98% of the Bulgarian company's capital. EUR70MN-plus has been invested in the enterprise since its privatisation.

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