Strumateks AD (Bulgaria)

Strumatex, which was established in 1961, is a medium-sized producer of cotton and cotton type of yarns and fabrics based in the southwestern town of Blagoevgrad.
The firm, whose facilities spans over 114 decares, manufactures mixed fabrics, interior textile, work clothes, sports and special purpose clothes, bed linen and ready-made garments.
In November 1998, Bulgaria's Privatisation Agency sold 65% of the textile firm to local company Strumatexinvest for USD 1.77 million.
The buyer also pledged investment of USD 150,000 over the next three years.
Strumatexinvest paid 10% of the price on the day of signing of the contract and was obliged to cover the remainder in nine equal annual instalments over the next 10 years which include one year grace.
From the remaining shares 20% were offered at preferential price to Strumatex's employees and 15% were given to pre-communist owners of the land where the plant was built.
As of end-2010, Strumatexinvest hold 63.35% of the shares, the executive director Todor Andonov owns 31.28%, and 4.94% of the capital are owned by the State.
The company imports equipment and materials for its production from Germany, Turkey and Greece.
The main clients of Strumatex are Tex Chemp and Rosini Trading.