Fri, 18 Mar, 2016 03:33:33 AM FTimes-Xinhua Report, Mar 18
Prime Minister Juha Sipilä said in a press release industrial partnership was a good way of developing defence industries. Sipila said the transaction would improve the position of Patria on the global market. The Finnish government will remain as the owner of the company. The buyer Kongsberg is a listed company and half owned by the Norwegian state. The main aim for Kongsberg to obtain Patria's stake is to improve the Norwegian company's competitive edge.
The third element in Finnish-Norwegian cooperation in defence industries is Nammo. It is a joint venture of Patria and the state of Norway. It produces ammunition and rocket motors. Sipila said Patria, Nammo and Kongsberg would together form the leading Nordic entity in defence industries. Walter Qvam, CEO of Kongsberg, told media on Thursday that Patria, Kongsberg and Nammo produce a "unique and strong Nordic entity in defence industries". Defence Minister Jussi Niinistö also welcomed the transaction. He said it is in line with the current Finnish defence strategies.
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