Patria Divests Stake in Estonian Milrem LCM
Patria has sold its 40% ownership in Milrem LCM OÜ to Mootor Grupp, retaining a 60% majority stake. Founder Kuldar Väärsi will focus on robotics ventures but remain on Milrem LCM's council.
Finnish defense company Patria has divested its 40% stake in its Estonian subsidiary, Milrem LCM OÜ, to Mootor Grupp. Patria retains a majority ownership of 60% in the joint venture.
Kuldar Väärsi, the founder of Milrem LCM, has decided to concentrate on unmanned ground vehicle and robotics business through his companies, Sinrob and Milrem Robotics. Väärsi will continue to serve as a member of the Milrem LCM Council.
Milrem LCM provides life cycle support services for the defense and security sector. The company specializes in maintenance and repair of heavy and armored vehicles, including the Estonian Defence Forces' XA-180 and XA-188 armored personnel carriers, as well as other military equipment.
The change in ownership structure is expected to allow Milrem LCM to further develop its services and expand its market presence within the Baltic region's defense industry.