Bulgaria's second largest glass producer, Drujba Glassworks, has been acquired by Portugal's BA Vidro. In October Greece's Yioula Glasswork announced it had entered into an agreement to sell almost all of its glass container business. That includes all the shares of Glasstank, Drujba's indirect parent company. The transaction was finalized in late January and the new owner made a tender offer to delist the company.
The sale was part of Yioula's debt restructuring program but Drujba itself is a healthy asset. The company has two production facilities - in Sofia and Plovdiv - and exports 70% of its output to Greece, Italy and Serbia. Its turnover exceeds €112 million levs, which makes it second in Bulgaria to Turkey's Sisecam, which has a glass plants in Targovishte. Drujba employs 1150 people.
In terms of revenue, Drujba is one of the largest listed companies on the Bulgarian Stock Exchange. Its capitalization totals €120 million but the free float is just 0.76% and the stock is rarely traded. Last year Drujba paid out €8.1 million out of its 2015 profit as dividend. Accumulated profit at the end of 2015 exceeded €41 million. In 2016 the company's net profit jumped to €8.8 million, from €0.72 million the year before.
The Portuguese buyer is a glass producer and has eight factories: in Portugal, Spain, Poland and Germany. The group produces more than 6 billion glass containers in ten colors. Its turnover totalled €580.9 million in 2015. The company employs 2400 people.
The deal with BA Vidro does not include Yioula's third plant in Bulgaria, Novo Staklo in the town of Novi pazar, which produces glassware. The plant exports 85% of its output to Greece, Romania, Turkey, Italy, Poland. The company had €20 million revenue in 2015.
Bulgaria's second largest glass producer, Drujba Glassworks, has been acquired by Portugal's BA Vidro. In October Greece's Yioula Glasswork announced it had entered into an agreement to sell almost all of its glass container business. That includes all the shares of Glasstank, Drujba's indirect parent company. The transaction was finalized in late January and the new owner made a tender offer to delist the company.
The sale was part of Yioula's debt restructuring program but Drujba itself is a healthy asset. The company has two production facilities - in Sofia and Plovdiv - and exports 70% of its output to Greece, Italy and Serbia. Its turnover exceeds €112 million levs, which makes it second in Bulgaria to Turkey's Sisecam, which has a glass plants in Targovishte. Drujba employs 1150 people.
