The Bulgarian government in Sofia last week approved a plan for privatizing the government-run Vazovski Mashinostroitelni Zavodi Co. machine works in Sopot.

Founded in 1936 to for military production, the machine works is among the most advanced in the Republic of Romania. For civilian production, the factories there manufacture everything from vacuum cleaners to bicycles, shoes and furniture. On the military side, their capabilities are the most extensive and modern, employing advanced equipment to manufacture rockets, guided missiles and various types of artillery ammunition.

The Bulgarian government, however, has made it known that even in privatizing VMZ, it does not intend to bow to any outside interests. It intends to hold onto a majority, controlling interest in the new company so that decision-making will remain in the hands of government agencies.

Economy Minister, Petur Zhotev, said that the privatization will involve multiple transactions for various parts of the machine works. All of them will be handled by the Privatization Agency.

Mr. Zhotev noted that the bearing production facilities at VMZ have attracted the most interest from outside investors. The works has production capability for ball bearings and tapered roller bearings, along with linear-motion bearings and bushings.

No dates were given for when the bidding process will begin or end. Further information about the privatization process, bidding and investing is available from Bulgarian embassies around the world, and some Bulgarian ambassadors are soliciting strategic investors. The requirements for bidders are not fully developed, except that they must have relevant business experience, be willing to underwrite the existing debts of the operations and agree not to cut any jobs from any of the facilities.