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Finland’s Patria to acquire 60 per cent of Milrem’s repairs and maintenance operations

Three months ago Milrem’s repairs and maintenance operations were separated from Milrem AS, forming Milrem LMC OÜ. Finland’s state owned defense company Patria will now aquire a 60 per cent share in the newly-founded defense sector company.

The rest of Milrem LMC’s shares belong to Estonian company Sinrob, owned by Milrem’s current CEO Kuldar Väärsi, Äripäev writes.

„Milrem’s work places will stay in Estonia,“ member of Patria’s board Jukka Holkeri said at a press conference held in Tallinn today. Milrem LMC is an official partner to Estonian Defense Forces for repair of maintenance of its weapon systems, ground vehicles among others.

“We are looking forward to continue the close cooperation with the Estonian Defence Forces and to grow it to partnerships also in new areas of which we have great experiences from Finland and other countries. Milrem LCM is also a good basis for us to grow further in the other Baltic countries,” Lassi Matikainen, President, International Support Partnerships of Patria added in a press release.

“Milrem has been developing its services in order to be a reliable and trustworthy partner for the Estonian Defence Forces. Patria’s remarkable experience and know-how will help us to grow further and extend the coverage of our services,” added Kuldar Väärsi, CEO and co-owner of Milrem. “Our goal is to provide comprehensive and professional life cycle support for full range of defence equipment.”

Milrem AS’s successor Milrem Robotics will focus on developing unmanned ground vehicles (UGVs).

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