Italian businessman Edoardo Miroglio has bought Bulgarian viscose producer Svilosa ZIK to add to his investments in the country.

Edoardo Miroglio is one of the owners of the Miroglio Group, the Italian textile and apparel maker that has also invested over EUR400m in Bulgaria since 1999.

Mr Miroglio says he plans to invest over EUR20m (US$27m) in the Svilosa plant, which is based in the town of Svishtov, over the next five years.

Edoardo Miroglio recently took over the Group's woollen business in Bulgaria - Miroglio Lana, which makes carded and combed pure and mixed wool fabrics, and yarn maker Raumer.