Millog has signed an agreement to acquire entire share capital of Oy Western Shipyard Ltd (WSY) from APX Metalli Ltd. Ownership will pass to Millog on October 1, 2020 and the company will continue to be owned by Millog as an independent subsidiary.
Pasi Määttä, the former Chief Operating Officer of WSY, will start as CEO of the subsidiary. Current CEO Pekka Niinistö will continue as a member of WSY's Board. In addition, he supports the transition by acting as an advisor to the CEO until the end of the year.
Western Shipyard's business includes docking and repairs of ships and floating structures. The company was founded in 1994. Its turnover in the previous financial year was €16.3 million and employed 34 people. The company's customers include Defence Force, Border Guard, Finferries and Patria.
Millog is part of Patria Group.