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Germany's Ixetic to invest 7M euro in Plovdiv plant

Tue, Mar 04 2008 22:10 CET

byAnelia Zaharieva

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Ixetic, the German manufacturer of hydraulic and vacuum pumps for the automotive industry, has announced plans to build a seven-million-euro plant in Plovdiv by the end of 2008, Dnevnik daily reported on March 4.

The plant, which will manufacture power steering and vacuum pumps, will occupy 10 000 sq m in the city's Rakovski industrial zone and will employ 30 workers at the outset.

Ixetic currently has production operations in two locations in Germany and one each in the U.S. and Japan.

"In order to be able to reliably meet the increasing demand for our goods in the future and maintain the high quality of our products, we are investing record amounts in the expansion of our production facilities", managing director Georg Wolf said in the statement.

The firm needed to expand because many production areas at its Bad Homburg and Hückeswagen plants in Germany were already working around the clock, seven days a week, he added.

High demand has driven the company's total turnover to 318 million euro in 2007, an 11.2 per cent increase on the previous year, according to the financial results it reported earlier this week.

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