Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Optical Firm to Start Sell-Off

ST PETERSBURG -- Russia's largest producer of optical equipment is to sell shares worth a nominal 100 million rubles ($75,000).

The Leningrad Optical-Mechanical Consortium, or LOMO, is offering 30 percent of its capital, which has a total value of 310 million rubles, in a nationwide tender.

The firm makes microscopes, telescopes, and medical equipment, but has suffered a 60 percent drop in state orders since 1992. It is targeting the export market to overcome this slump, hoping to export 60 percent of output by 2000.

"LOMO is one of the most advanced companies in Russia and has a bright future," Michael Obermeyer, of Mckinsey and Company, said.

McKinsey is drawing up business plans to attract the $100 million LOMO needs for long-term restructuring.