EADS becomes strategic partner of Finnish Patria
Amsterdam, 06 February 2001
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Finnish Government, EADS and Patria sign a partnership agreement
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EADS to take a 26.8 percent stake in Patria
The Finnish Ministry of Trade and Industry and EADS European Aeronautic Defence and Space Company have signed a partnership agreement by which EADS will take a share in the Finnish technology group Patria Industries Oyj. The number one European aerospace company will take a 26.8 percent stake in Patria, EADS announced on Tuesday.
Patria's core business includes products and services in aerospace, defence and telecommunications. The company is mainly located in Finland with some facilities in Sweden. It had net sales of EUR 193 million (FIM 1.1 bn) in 1999. Today, Patria is a 100 percent state owned company with approximately 2,200 employees.
The strategic partnership will strengthen Patria's business conditions and expansion of its business activities by, for example, opening new possibilities for industrial cooperation and new export channels. It will allow for EADS to integrate the Finnish aerospace industry in the European industrial cooperation. The partners envisage further developing their industrial collaboration and joining forces in their marketing efforts.
The partnership agreement is subject to approval from the Finnish Government, the responsible bodies of EADS and Patria as well as the competition authorities. The Finnish Ministry of Trade and Industry, EADS and Patria will draw up the necessary contracts in the coming weeks. A deal closing is expected before the summer.
Contact:
Dr. Rainer Ohler
Tel.: + 49 - 89 - 607 34235
