Bulgarian steelmaker Stomana Industry, a subsidiary of Greek steel producer Sidenor, has acquired the port of Svishtov on the Danube River from troubled local paper factory Sviloza Jsc., Sofia News Agency has reported.
Accordingly, the port of Svishtov has been purchased through the company Port Vidin Nord, which is 90 percent owned by Stomana Industry and 10 percent owned by German-based Michael Preimesser Beteiligungs Gmbh. The financial details of the deal have not been disclosed.
Stomana Industry will ship its export via the newly acquired port, while the terminal is going to continue to operate as normal and also service all other companies. Up to now, Stomana Industry has been working mostly through the port of Lom on the Danube.
Meanwhile, in order to increase the capacity of the port of Svishtov, Stomana Industry's shareholders intend to prepare an investment program to restructure and expand the port.