- Italcementi Group

The Bulgarian Prime Minister Sergey Stanishev meets Italcementi’s Top Management

Italcementi Chief Executive Officer Carlo Pesenti met the Bulgarian Prime Minister, Sergey Stanishev.
During the meeting, together with the Managing Director Rodolfo Danielli and the Country Manager
of Bulgaria Jesus Ortiz, Mr Pesenti illustrated the Italian group’s strategy for further expansion in Bulgaria, confirming the country’s excellent relations with Italcementi and with Italy, especially now as Sofia prepares for entry into the European Union.

“The project we have presented - said in the meeting Mr Pesenti - will enable our Group to support Bulgaria’s economic growth and help the country strengthen its international trade. The investment of approximately 185 million euro we intend to make in Devnya will permit an increase in Bulgaria’s cement exports to other markets. We first invested in Bulgaria in 1998 when we took part in the privatization of, first, Devnya Cement and, later, Vulkan Cement, with an outlay of approximately 145 million dollars. We have since invested an additional 115 million dollars in plant development and modernization, for a total of 260 million. This is one of the largest investments by a foreign organization in Bulgaria in the last 20 years. Now we are confirming our confidence in Bulgaria and its potential for growth with the presentation to the authorities of a new investment plan for 185 million euro (230 million dollars) that will have a positive effect on industrial growth and notably on environmental and technological standards in line with our vision of Suistanble Development.”

The new project provides for the revamping of the Devnya Cement facilities with the replacement of the wet-process kilns with a dry-process production line. This will improve environmental and industrial performance and boost production capacity by around 50%. The enhancements will consolidate Devnya’s position as the country’s largest cement producer.