Send to Kindle
The Bulgarian "Vazovsky Machine Building Plants" (VMZ) in Sopot, a state-owned arms plant, has reported an astonishing twofold increase in net sales revenue and profits, surging past BGN 678 million in the first nine months of 2023, as detailed by "Capital." VMZ's production of Soviet-style ammunition, projectiles, and missiles, in high demand due to their use in the Ukraine conflict, has been the driving force behind this success.
This surge in demand has prompted plans for a capacity expansion, with an investment exceeding BGN 20 million this year. VMZ anticipates fulfilling orders worth an additional BGN 150 million by the close of 2023. Despite the substantial increase in profits, VMZ's liabilities have also grown by BGN 219 million in the first nine months, mainly due to advances received. Concurrently, the company's workforce has grown by nearly 500 employees over the past year, now exceeding 4,100 employees.
VMZ's rapid profit growth and expansion plans highlight its crucial role in meeting global defense needs.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
In the crucible of conflict, Ukraine finds itself grappling not only with the relentless onslaught of Russian invaders but also with a critical shortage of ammunition, a vital lifeline for its embattled forces
Vazovsky Machine Building Plants (VMZ) in Sopot have achieved a remarkable milestone, recording a staggering BGN 828 million in net sales revenue for the year 2023, doubling compared to the previous year
In a strategic move aimed at bolstering their defense capabilities, Romania and South Korea have embarked on negotiations for joint arms production, signaling a significant milestone in their bilateral relations
German arms manufacturer Rheinmetall has secured a substantial financial boost from the European Union, receiving over 130 million euros to enhance its ammunition production capabilities
Bulgaria has experienced a staggering increase in arms imports, rising by 920% between 2019 and 2023 compared to the period of 2014 to 2018
The Sofia City Prosecutor's Office has issued European arrest warrants for Russian citizens who are accused of terrorism in Bulgaria
The vessel known as the "Ruen," operated by the "Navigation Maritime Bulgare," has arrived in Varna for repairs, as announced by Captain Alexander Kalchev, who serves as the executive director of the shipping company
The British Minister of the Armed Forces, Leo Doherty, is set to embark on a two-day visit to Bulgaria, as announced by the British Embassy
In a recent interview with bTV, Defense Chief Emil Eftimov addressed concerns about the presence of anti-NATO sentiments within the Bulgarian military
Bulgaria's Defense Minister, Atanas Zapryanov, affirmed that the reintroduction of mandatory conscription is not under consideration amidst the country's ongoing efforts to modernize its armed forces and enhance military personnel remuneration.
In response to ongoing staffing challenges within the Bulgarian army, the caretaker government is exploring alternative solutions, with military training for security personnel emerging as a potential strategy
Bulgaria's Parliament has taken a significant step towards acquiring eight multi-role F-16 Block 70 aircraft and associated support by ratifying Amendment No. 2 to the Letter of Agreement (LOA) BU-D-SAB.
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU
