Festo is planning to invest $30.1m to build a stepper and motors production unit in Bulgaria, its third factory in the country. This pneumatic and electrical automation company is waiting to secure all the necessary permits before breaking ground. It already has a factory in Sofia and currently employs 1,000 people in Bulgaria, with plans to double its workforce by 2020. Festo opened its Sofia factory in 2015, following an initial investment of €9.7m. The German company has 250 offices around the world and service support in 176 countries, including Montenegro, Serbia, Slovenia and Romania. It has 300,000 customers worldwide and invests 8 percent of its annual turnover in research and development.
