Belovo Paper Mill AD (Bulgaria)

Belovo mill, which was established in 1900, is the leading tissue paper producer in Bulgaria. The production of the plant, which is based in central Bulgaria and exports half of its production, includes toilet paper, napkins, handkerchiefs and writing, printing and packaging paper. The mill operates six paper machines, which have an annual capacity of 70,000 tonnes of tissue paper, greaseproof, opaline, wrapping and specialties.
In November 1997, Bulgaria's Privatisation Agency sold a 58% stake in the Belovo paper mill to Greece's Thrace Paper Mill SA for USD 6.4 million. The buyer, which is part of the Greek Zeritis Group, pledged to invest USD 10.7 million in the plant over the next five years. A total of 25% of the remaining shares were earmarked for sale through the mass voucher privatisation programme and 17% were distributed to the firm's employees at preferential prices and were used to meet property restitution claims. In May 2003, Thrace Paper Mill sold its stake in the company to two Luxembourg-registered companies, both of which are purportedly controlled by the Greek company. In September 2006, Pabolux sold a 28.42% stake in the listed firm to German care products manufacturer SCA Hygiene Products Holding.