Kourkoumelis & Partners News Bulgaria’s Biomashin attracts EBRD support
Bulgaria’s Biomashin attracts EBRD support
26/02/2013 12:36

EBRD is extending a loan of up to €3 million to Bulgaria’s Biomashin, a manufacturer specialised in the design and production of technological equipment for the food-processing, pharmaceutical and chemical industries. EBRD funds shall be used for the purchase of new high-precision equipment, which will significantly increase efficiency by reducing production costs and the time required to fulfil orders. Biomashin, located in the city of Plovdiv and currently employing 200 people, operates on a per order basis to meet customer demands in the most flexible and cost-effective way. The new equipment shall be backed by an integrated Enterprise Resource Planning (ERP) system. In total, the company anticipates a production increase of 25 per cent, the majority of which will be exported.

Part of the EBRD loan will therefore be used as working capital to expand and diversify the company’s customer base. Biomashin currently exports more than 80 per cent of its production (2011: 83 per cent) to more than 15 countries including throughout the European Union, Russia, India, Turkey and the Middle East, taking advantage of the company’s geographical position. Biomashin produces storage tanks for food, beverages, pharmaceuticals and chemicals; tube-in-tube heat-exchangers made of stainless steel; apparatuses; pressure equipment and containers. EBRD loan to Biomashin is being arranged under the EBRD–Italy Local Enterprise Facility, an investment instrument providing long-term financing to small and medium-sized enterprises in the Western Balkans, Turkey and the SEMED region (Egypt, Jordan, Morocco and Tunisia). It provides a wide range of flexible financial products to companies, whose needs are not sufficiently addressed by existing financing sources.