Millog initiates preliminary studies of corporate restructuring

In recent years, Millog has expanded into new business sectors in line with its strategy. Millog seeks to hone its position as a reliable and trusted end-to-end partner for critical sectors of society – and to better harness the specialist expertise and synergies of its subsidiaries.

Millog is initiating preliminary studies of potential corporate restructuring. The aim is to ensure that its family of companies can grow and offer more diverse service packages in line with the strategy. In the preliminary study phase, Millog will assess the merger of Virve Tuotteet ja Palvelut Oy (VTP) into Senop Oy and the merger of Laivakone Oy and Hämeen Diesel Oy into Oy Western Shipyard Ltd (WSY).

The merging companies would be integrated into the receiving companies as separate business areas alongside the current businesses. Going forward, the companies would then operate under the new shared brand.

The merging companies being assessed in the preliminary study share market potential and segments. The mergers would create new growth opportunities by strengthening expertise, boosting efficiency in sales and marketing, and expanding the product and service range. In addition, the merger seeks to achieve administrative synergies. The merger would have no effect on employment relationships and business locations.

It is estimated that the mergers would be carried out on 31 August 2022. If decisions are taken to implement the mergers, separate announcements will be made.