Patria divests majority stake in Estonian subsidiary Milworks OU
Patria has signed an agreement to sell its 60% stake in Milworks OU, an Estonian provider of lifecycle management services, to Mootor Group. The divestment is in line with Patria’s strategy to focus its MRO (Maintenance, Repair and Overhaul) operations in the Baltic region to its growing Valmiera site in Latvia.
Following the transaction, Mootor Group, currently a minority owner with a 40% stake, will become the sole owner of Milworks. The parties have agreed not to disclose the transaction price.
“Patria remains committed to serving the Estonian and more widely the entire Baltic defence market including Lithuania, leveraging our enlarged operations in Latvia. In parallel, Milworks is well positioned for further development under Mootor Group’s full ownership,” says Pekka Ruutu, Executive Vice President, Sustainment Solutions at Patria.
Milworks offers MRO services of armoured and soft skin vehicles as well as other military equipment. Milworks employs in total 15 people in Tapa and Voru. The transaction is expected to be completed on 31 July, 2025.
Media enquiries and further information:
Sirje Ahvenlampi-Hyvönen, Vice President, Group Communications, Patria, tel. +358 50 557 3822, [email protected]
Mats Warstedt, Vice President, Market Area Leader, Nordics, Patria, tel. +46 739 449 108, [email protected]
Patria is a modern and international defence and technology company with over 100 years of experience. Through our top-notch experts and Through life capability, Protected mobility & defence systems and Battlefield & critical systems products and services, we ensure reliable operations for our customers and serve as a partner in critical functions on land, sea and air - when if is not an option. Patria has offices in Finland, Sweden, Norway, Belgium, the Netherlands, Estonia, Latvia, and Japan.
Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Nammo, and together these three companies form a leading Nordic defence partnership.
www.patriagroup.com
