Bulgaria's VMZ, Serbia's Milan Blagojevic sign memorandum for cooperation

Under the memorandum, the two companies will cooperate in a wide range of activities including joint development of products, technical assistance, entry into new markets, VMZ told SeeNews in an emailed statement.

Cooperation between the two companies is expected to result in higher profits for the two companies.

Milan Blagojevic Namenska produces double base artillery powders, ballistite and double base rocket fuels and exports 85% of its output, according to data posted on the company's website.

VMZ, based in Sopot, in central Bulgaria, manufactures ammunition, aircraft rockets and antitank missiles.