Swedish company SKF plans to invest nearly EUR 7 M in reconstructing bearings plant, part of the state-owned Vazov Group of arms plants (VMZ), Ivan Stoimenov, SKF Regional Director for the Black Sea and Yugoslavia, announced. SKF signed the BGN 14,3 M contract for acquiring the bearins plant March 18. The first press conference of the new owners was attended by Swedish Ambassador Sten Ask, who expressed the hope that soon that SKF will be followed by other Swedish investors in Bulgaria. Ambassador Ask confirmed that Swedish telecommunication company Swedtel has expressed strong interest in participating in the bidding procedure for the privatisation of the Bulgarian Telecommunications Company. The investment strategy of SKF includes process and technology improvement of the factory, know-how transfer and the introduction of strict safety regulations as well as European standards of working relations. The company intends to search for new markets in Bulgaria and abroad. SKF is the world’s leading producer of bearings and elastomeric seals. VMZ, which specialises in guided weapons systems, used to be a pivot in Bulgaria's once flourishing Soviet style defence industry. But it has been one of the most difficult to sell because of its current mix of civilian and military production.