Size matters in Nordic consolidation
In a further move in the ongoing consolidation of the Nordic defence industry, Kongsberg has agreed to purchase 49.9% of vehicle manufacturer Patria from the Finnish government, it was announced on 17 March.
The €272 million contract also includes part ownership of Nammo, which is 50% owned by Patria. Patria reported revenues of NOK 3.8 billion (€40 million) in 2015.
Patria is one of the leading suppliers of defence equipment in Finland, while Kongsberg boasts strong global alliances.
In 2014 Airbus Group sold its entire 28.8% stake in Patria, meaning that the Finnish state took whole ownership of the company.
Already have an account? Log in
Want to keep reading this article?
More from Land Warfare
-
US Army seeks nearly $900 million to accelerate development and acquisition of CUAS capabilities
The branch plans to speed up the building and procurement of kinetic and non-kinetic systems for fixed, semi-fixed and on-the-move operations.
-
DroneShield nets largest order ever with $40 million European CUAS contract
The package of three standalone follow-on contracts makes this the largest contract won by the Australian company and larger than its total 2024 revenue.
-
Patria completes test firing of new self-propelled gun as demand for systems grows
Patria quotes a maximum rate of fire of eight rounds a minute from the new ARVE (ARtillery on VEhicle) self-propelled gun with a range of 40km for an assisted round. The rapid, low-risk development is designed to meet emerging requirements which have arisen out of the Ukraine war.
-
US Army modernisation plans raise big concerns for lawmakers
The termination of programmes such as JLTV and RCV has been harshly criticised by members of the US Congress.