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The eBearing News
September 10, 2004
SKF Progress Continues
With Bulgarian VMZ Acquisition
copyright © 2004 eBearing Inc.
SKF AB (Sweden) said it is successfully transforming the former Bulgarian state-run VMZ bearing
business into a competitive manufacturer. It manufactures ball bearings as part of SKF's Electrical Division.
Vazovski Mashinostroitelni Zavodi -- now named SKF Bearings Bulgaria EOOD -- was acquired in early 2002
from the Bulgarian Privatization Agency. VMZ has four
factories: the head office in Sopot, Kalofer, Karnare, and Bogdan. Its state-run situation obvious, VMZ
had employed over 1,600 workers.
• 2001 article: Bulgaria approves privatizing bearing works
• 2001 article: SKF mulls bidding for VMZ bearing works
• 2001 article: Bulgaria cancels sale of VMZ to SKF
• 2002 article: SKF completes acquisition of privatized VMZ
As one of Central Europe's better-known bearing brands, VMZ facilities were at one time almost entirely dedicated
to manufacturing military equipment. Its product line includes deep-groove ball bearings from 22mm to 100mm.
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SKF head Johnstone and
SKF Bulgaria head Stoimenov
examine 6004-2RS ball bearings in Sopot factory
(courtesy EIN)
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Visiting VMZ's Sopot facilities for the first time, SKF CEO Tom Johnstone said, "Bulgaria is a good
place to do business. I am very pleased that we decided to invest in Bulgaria and I consider our project
here as one of SKF's most successful"
Mr. Johnstone went on to say SKF has so far invested Leva 10 million ($6.3 million) in the Bulgarian facilities.
After
receiving ISO 9001 certification in 2003, he said SKF Bearings Bulgaria is now planning to aggressively
target export markets, and is on track to double its product line offerings.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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