Bulgarian plastics manufacturer Akumplast expects its recently created Tunisian unit to start production of battery cases in early 2024 to support the expansion of the local battery business of Bulgarian battery maker Monbat, the Tunisian investment agency said.
Monbat Group, which in 2022 acquired 60% of Tunisian company Nour Batteries, plans to triple its current 250-strong workforce in order to tap into new Asian and African markets, FIPA-Tunisia, said Friday, the government agency in charge of investment promotion, said Friday.
In July, Akumplast announced a decision to set up a Tunisia-based business unit, Akumplast Industry, with a registered capital of 1.33 million Tunisian dinars ($418,437/397,339 euro).
The entity is owned at 76% by Akumplast, with the balance held by Nour Batteries. Plans for the Tunisian business were first unveiled in April.
Akumplast Industry’s production center will be located in the Zriba region in Tunisia’s northeastern Zaghouan governorate, according to FIPA-Tunisia’s statement.
Founded in 1985, Dobrich-based Akumplast specializes in manufacturing plastic battery boxes made from propylene, lids and accessories for lead-acid starter and traction batteries, along with plastic crates. The majority shareholder of Akumplast is Chimplast, holding a 70% stake in the company.
In the six months through June, Akumplast increased its net profit 31.5% on the year to 571,000 levs ($307,582/291,947euro) as product sales added over 6% to 4.22 million levs, according to the most recent interim financial statement.
Shares in Akumplast last traded flat at 160.00 levs on the BaSE market of the Bulgarian Stock Exchange on Friday.
