Opticoelectron Group AD (Bulgaria)

Opticoelectron Group, which was established in 1970, is one of the leading producers of optical and laser devices for both military and civilian use in Bulgaria. Its product portfolio features products designed for defense and security - anti-aircraft and ground artillery sights for fire at day or night, day and night sights and measuring devices and complex for armored vehicles, laser range finders, self homing heat head for rocket systems, as well as products for industrial and civil purposes - magnifying glasses, illuminators and microscopes, devices for educational purposes, medical equipment, technological equipment manufactured on the base of unique Bulgarian inventions. Opticoelectron is located near the town of Panagyurishte some 90 kilometres southeast of the capital Sofia. The company exports more than 90% of its production in EU member states and North America.
In June 1999, Bulgaria's Privatisation Agency sold 76% in the military optical equipment producer to a management buyout team for USD 1.1 million. The buyer pledged to invest USD 805,000 in the plant until 2002 and keep its stake above 51% for the same period. Of the remaining shares, 20% was earmarked for sale to employees at preferential prices and 4.0 to compensate pre-communist owners of the land where the plant was built.