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Tuesday, July 15, 2008

French Company Armaris Bids for Purchase of Bulgaria Military Repair Factory

The French company Armaris, from which Bulgaria is going to purchase two Gowind 200 corvettes for about EUR 400 M, is bidding for the privatization of the TEREM Flotski Arsenal ("Marine Arsenal") factory.

TEREM Flotski Arsenal is located in the city of Varna. It is one of Bulgaria's eight military-repair factories from the TEREM group, which were recently listed for privatization.

The Varna factory falls in the group of four factories considered strategic for the state so only 66% of it will be sold.

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