Textile and apparel giant Miroglio Group has confirmed plans to invest BGN55m (US$39m) in its textile facilities in Bulgaria's cities of Sliven, Yambol and Svishtov this year.

Investment will be made in "new generation" machinery, the company said, in order to improve productivity and expand its portfolio.

Miroglio, which operates seven facilities across Europe, is targeting turnover of BGN240m in 2014 and BGN264 in 2015. In 2012, the company achieved a turnover of BGN190m.

"These big investments ... will allow us to finish fabrics in an extremely innovative way with the saving of energy and water like it was not possible before," the company said. "Our company's characteristics - quality, innovation and service - are based on technological investment that are a must to achieve."

Miroglio currently exports to 65 countries and sells to around 6,000 customers.