Holcim Bulgaria plans to shut its cement plant in Pleven, northern Bulgaria, by the end of 2011, the company’s CEO said on Tuesday.
"Our plant in Pleven is too small to survive. We are going to close it by the end of next year," Todor Kostov said in a interview with local business daily Pari.
Holcim Bulgaria has another cement plant in Beli Izvor, also in the north of the country.
The plant in Beli Izvor is working on and off, Kostov said but did not elaborate on its future.
Holcim Bulgaria’s output in the first six months of 2010 fell by 48% on the year to 212,000t, as revenue declined to 28 million levs (US$18.2m) from 68 million levs a year ago.
Holcim said in its fist-half financial report that Holcim Bulgaria suffered a major decline due to a reduction in construction activity and massive cement imports from Turkey.