Bulgarian plastic parts manufacturer AQ Plastronic (part of the Swedish AQ Group) has unveiled plans to
invest BGN 8m (€4.1m) in expanding its product range. The firm is also aiming
to create about 30 new jobs at its production facility in Veliko Tarnovo, in
Bulgaria’s northern part, Bulgarian agency Invest Bulgaria said in a statement.
With the planned investment, the manufacturer will install new machines at the factory. Under the plan, AQ Plastronic will expand its product range by launching production of new plastic components intended for Swedish automotive manufacturers Volvo and Scania and electronics producer Ericsson, according to Emil Nikolov, the firm’s executive director.
The company recently changed its name to AQ Plastronic, previously operating under the brand of Carat Electronics. The move is related to the recent take over of the Bulgarian firm by the Swedish AQ Group, which acquired a majority stake in Carat Electronics AD in June 2014.
"The acquisition was made to increase our production capacity and further to gain competence in design and production in Bulgaria of injection molding as well as PCB assemblies. We have expanded successfully in the country since 1996 and this is our next step in investments there. After the acquisition AQ will have close to 1000 employees in Bulgaria." says Claes Mellgren, CEO of AQ Group, in a statement.