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Industry

Patria buys stake in Estonia's Milrem

13 October 2017

Finnish aerospace and defence group Patria announced on 13 October that it is to acquire a 60% stake in Estonian military maintenance, repair, and overhaul (MRO) venture Milrem.

The remaining 40% stake will be retained by Milrem’s current owner Sinrob OU which is owned by Milrem CEO Kuldar Vaarsi. Milrem was established in 2013 by the Sebe Ltd transport company.

Patria said in a statement that the “Milrem acquisition is part of the execution of new Patria strategy in which one of the main growth areas is partnerships with defence forces in life-cycle services, particularly in northern Europe.

“Patria aims to develop Milrem’s competence and capability further and the company will continue under Estonian leadership”.

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