Finnish state owned company Patria announced a plan to privatize a portion of the company by selling it to Kongsberg, a partially state-owned defense company in Norway.
"The competition authorities have granted their approval concerning sale by State of Finland of 49.9 percent of the defense company Patria Oyj to Kongsberg Defence & Aerospace AS," the company said in a statement.
Patria said the value of the deal was 283.5 million euros ($316 million). In 2015, Patria's operating profit was 46.8 million euros ($52.1 million), down some 16 percent from a year before.
Half of Kongsberg is owned by the Norwegian state and the rest by international investors.
Patria and KONGSBERG have signed an agreement to pursue together a major combat vehicle and weapon system program in the Middle East region. Patria's AMV 8x8 wheeled armoured vehicle and Nemo 120 mm turreted mortar are already in use in the Middle East
RUAG has acquired Patrias Space unit to become part of RUAGs Space division, which includes the business operations and assets. Patrias Space activities are currently part of the Finnish companys Systems Business Unit
Patria Aviation and RUAG Aviation has signed a Teaming Agreement to deliver life cycle support for the F/A-18 fleets of the Finnish and Swiss air forces. The Finnish Ministry of Defence and the Swiss Department of Defence, Civil Protection and Sports have agreed to study the impacts of the worldwide F/A-18 sundown programmes that will progressively affect the Finnish and Swiss fleets
Finnish Defence Forces' Logistics Command has sent a preliminary Request for Information on suitable weapons and other task-related external equipment for the HX project. The project is intended to replace the Hornet fleet, the Finnish Defense Forces announced today
Bittium has won a contract from the Finnish Defence Forces to deliver its Tough Mobile LTE smartphones and related Secure Suite back-end system classified for confidential level. The contract signifies a strategic decision to reinforce the information security of the wireless communications of the Finnish Defence Forces, the company announced today
Finland has considered modernizing its armed forces with counter artillery systems and high-precision projectiles. In upcoming years, Finland plans to acquire counter artillery radar systems, which was unknown to the Nordic country's forces armed forces
Four of Finnish Navys Hamina-class missile-capable fast attack crafts (FAC) will be fit with torpedo as part of mid-life upgrade (MLU) program between 2019 and 2021. The MLU work will be conducted under what is known as the 'Squadron 2000' ('SQ 2000' or 'Laivue 2020') upgrade programme
Finland is planning to acquire counter artillery radar systems in the coming years. According to a report in Thursdays Helsingin Sanomat, Finnish Defence Forces may soon get a completely new counter artillery radar system, an untried system for domestic armed forces
The Finnish government is mulling a ‘defence tax to net 500 million Euros a year for funding the purchase of four warships and fighter jets worth an approximate 10 billion Euros. The political leaders in Norway had a closed-door meeting in late December to discuss plans for financing new naval vessels and a fleet of new fighter aircraft that could include a special, temporary defense tax, Finnish Broadcasting News reported today
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