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SOFIA (Bulgaria), February 2 (SeeNews) - Bulgarian plastic packaging manufacturer Ate Plast will build a factory in the city of Stara Zagora as part of plans to expand and automate its production capacity, DSK Bank, which has backed financially the project, said.

At the end of last year, ATE Plast signed with DSK Bank a loan agreement worth 16.3 million levs ($9.4 million/8.3 million euro), of which over 6 million levs were recycled funds under the EU's JESSICA initiative, the lender said in a statement on Tuesday.

The factory, which will open 21 new jobs, is expected to become fully operational by the end of 2022. It will manufacture flexible packaging for the food, construction, furniture, hygiene and sanitary industries.

Stara Zagora-based Ate Plast, founded in 1994, is specialised in the manufacturing of flexible polyethylene foils and packaging, according to information published on its website.

The company's first multilayer extrusion line was installed in 2003. At present, its production capacity is 13,000 t per year and its annual capacity for printed packaging is 2,000 t. The company sells 70% of its production in Europe.

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