Еcon Min Says Arms Maker VMZ Sopot Should Remain State-Owned
Thursday, 01 January 1970
Bulgaria's economy minister said the country's troubled arms manufacturer VMZ Sopot should remain a state-owned company, news agency Focus reported.
Meeting with VMZ Sopot's management and trade unions, Dragomir Stoynev said the economy ministry will help the heavily indebted company win long-term contracts.
On May 14 the country's privatisation agency opened a new procedure for the sale of VMZ Sopot. In January, Bulgaria terminated the sale of 100% of the arms manufacturer as the sole potential buyer, local company Emko, failed to submit the required bank guarantee after presenting its binding offer. In February Bulgaria took VMZ Sopot off the list of companies of national security importance in order to speed up its privatisation.
VMZ Sopot, based in Sopot, in central Bulgaria, manufactures aviation and antitank missiles and artillery ammunition.