Bulgaria’s Vidachim ceases tyre production
The Sofia News Agency reports the end of production at the tyre division run by Bulgarian holding company Vidachim AD. It says Vidachim chief executive officer Tsvetomir Leshtarski informed Bulgaria’s State Energy and Water Regulatory Commission (DKEVR) that the ‘Pneumatic Tire Factory’ would stop producing industrial tyres as of today. The company produced its first ‘Vida’ brand tyres in September 1969, and recommenced pneumatic tyre production following the firm’s privatisation in November 2004. However, reports indicate that only small quantities of tyres have been produced of late, and the company’s main source of income is now electricity production. As Bulgaria’s state-owned National Electric Company (NEK) owes it around BGN 19 million (£7.6 million), Vidachim is unable to continue production or pay salaries.