Банкеръ Weekly

Briefs

COMPANIES

JOHNSON CONTROLS EXPANDS OPERATIONS IN BULGARIA
Jonhson Controls Electronics Bulgaria, a subsidiary to the US Johnson Controls, will expand its operation on the domestic IT market. Currently, more than 300 people work at its Sofia-based design centre for automobile electronics, but another 150 are to be employed after its capacity is raised. The facility itself will be opened in mid-October.
Jonhson Controls' Bulgarian subsidiary is one of the group's nine technological centres in the world. The others are located in Germany, France, the USA, Japan and Slovakia. And its engineering network includes more than 250 enterprises in more than 20 countries. The Bulgarian operations develop software solutions for the automobile industry according to individual orders in addition to designing hardware and mechanical electronic devices. Jonhson Controls' products are integrated in vehicles of Alfa Romeo, BMW, Volvo, DaimlerCrysler, Mazda, Mitsubishi, Toyota, Ford, Volkswagen, Opel, and others.

ORGACHIM LAUNCHES NEW PRODUCTS
The Rousse-based Orgachim, which is traded on the BSE-Sofia, launched within about 30 days a series of new products on the market. In 2006 it should also work out a new technology for laying thick thermoplastic paints for street pedestrian paths with high resistance. There are only two machines in the country for laying such paths which are very expensive. That is why research is going on for making 3-mm bands in advance in the workshops and sticking them through warming on the spot.
Orgachim reported a profit of BGN1,046,000 for the first six months of 2006, vs BGN880,000 for the same period of last year. The company's equity is BGN503,000 and its share capital amounts to BGN7,770,000.

FINTEXCO TO BE RENAMED TO SOPHARMA LOGISTICS
Fintexco AD has scheduled a general meeting of its shareholders for November 8. The main item on its agenda will be the change of the company's name to Sopharma Logistics. The shareholders will also vote for depositing the 2005 profit into the Reserve Fund and amendments to the corporate statutes and management. Fintexco's positive financial result for 2005 amounted to BGN9,000, vs its BGN137,000 loss for 2004. October 23 is the last date for closing deals with the company's shares, allowing their owner to exercise his right to vote at the general meeting.
September 25 was the last day for trading on the exchange the rights to participate in the capital increase of Fintexco. No deals were closed as in the eight previous trade sessions. The company intends to raise its capital from BGN686,000 to BGN2,743,000, offering to register 2,057,000 shares of BGN1 par and issue value.

MONTUPET BEGINS CONSTRUCTION OF A PLANT IN ROUSSE
The French company Montupet began the construction of a plant for automobile wheel rims in Rousse. They will be used by the Renault, Peugeot, Audi and Ford brands. The greenfield investment in the enterprise amounts to BGN70MN. The firm has also been granted a first-class investor certificate by the Bulgarian Investment Agency. It obliges the State and the Rousse Municipality to invest about BGN12MN in the development of infrastructure. The money is earmarked for building a water-conduit and roads to the site where the project will be implemented. Montupet intends to establish as well a new production capacity for engines, chassis, wheel rims and breaks systems. The aim is make the enterprise the company's major production unit in Europe.
According to the Ministry of Economy, the plant in Rousse, which will spread on an area of 140,000 sq. m, is a part of a larger project for investments.

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