KONGSBERG buys 49.9 % of Patria creating a leading Nordic defence partnership

KONGSBERG buys 49.9 % of Patria creating a leading Nordic defence partnershipCEO Walter Qvam will hold a press conference/investor presentation via video from Helsinki today at 3.30pm in KONGSBERG’s offices in Vika Atrium, Oslo.

Today, KONGSBERG has entered into an agreement with the Finnish state for the purchase of 49.9 % of the shares in Patria for EUR 272 million. Patria is Finland’s leading defence supplier and owns 50 % of the shares in the Norwegian company Nammo. The partnership will be a leading defence supplier in the Nordics, and a considerable supplier on the European defence market, with total gross revenues of NOK 13.4 billion in 2015.

– By forming this industry partnership consisting of KONGSBERG, Patria and Nammo, we’re taking a proactive step to meet the ongoing consolidation in the defence industry. This transaction entails a significant strengthening of our Nordic and international position, it provides strengthened profitability and growth opportunities, and is an important step in the strategy for our defence businesses, says Walter Qvam, CEO of KONGSBERG.

Patria has approximately 2,800 employees and had revenues of EUR 428 million (NOK 3.8 billion) in 2015. The company is Finland’s leading defence supplier, and has a broad and modern product portfolio.

The Norwegian state and Patria each holds a 50 % share in Nammo. Nammo has approximately 2,200 employees and had revenues of NOK 3.8 billion in 2015. The company develops and produces high technology products within ammunition and rocket engines for defence and civilian applications.

 

Source: kongsberg.com / Norway Today

 

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