Patria ISP Oy has acquired 100 % of shares of Milrem Latvia SIA from Milrem LCM OÜ. Milrem LCM is an Estonian company owned 60 % by Patria and 40 % by the Estonian company Mootor Grupp. The acquired company will be named Patria Latvia and will focus on the Latvian market.
“This acquisition is part of the execution of Patria’s strategy in which one of the main growth areas is international maintenance and life-cycle support business. Through Patria Latvia, Patria enters the Latvian defence market and is there to stay. Patria will offer a broad scope of services to the Latvian National Armed Forces and to international OEMs operating in Latvia”, says Jukka Holkeri, President, International Support Partnerships, Patria.
Patria is an international provider of defence, security and aviation life cycle support services and technology solutions. Patria provides its aerospace and military customers with equipment availability, continuous performance development as well as selected intelligence, surveillance and management system products and services.
Patria employs 3,000 professionals. It is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Norwegian Nammo, and together these three companies form a leading Nordic defence partnership.