The German company Festo plans to invest 25.6 million euro to build a stepper and motors production unit in Sofia. Along with the construction of its third production unit in Sofia, the company intends to increase its workforce in Bulgaria to 2,000 employees by 2020. Currently, Festo employs 1,000 people in the country.
Festo opened its Sofia factory in 2015 with an initial investment of 9.7 million euro. The German company concentrates 95% of its production of microsensors in Bulgaria.
The German company has 250 offices around the world as well as service support in 176 countries including Montenegro, Slovenia, Serbia, and Romania. It has 300,000 customers worldwide and invests 8% of its annual turnover in research and development.