Millog Oy has signed an agreement with APX-Metalli Oy to acquire the entire share capital of Oy Western Shipyard Ltd (WSY). Ownership was transferred to Millog on 1 October 2020, and the company continues to operate as an independent subsidiary under Millog’s ownership. The new subsidiary is headed by WSY’s COO Pasi Määttä. Current CEO Pekka Niinistö stays on as a member of WSY’s Board.
Western Shipyard’s business consists of docking and repairing ships and floating structures. The company was founded in 1994. Its turnover for the previous financial year amounted to EUR 16.3 million with a staff of 34 employees. The company’s customers include the Finnish Defence Forces, the Finnish Border Guard, Finferries and Patria.
“This change is a good thing for both our personnel and our customers. Being a subsidiary of Millog gives us more opportunities for development, and the transaction adds stability to our business. We believe Millog to be the best possible owner for WSY”, Niinistö says.
“The transaction complements our growth strategy, which steers us to expand to new industries. The very strong expertise and high-quality operations of our long-term partner WSY help us to ensure and strengthen Finland’s security of supply now and in the future. Working together enables Millog’s associated companies and the whole group to provide a larger overall maintenance service package than any other shipyard in Finland. The synergies from integration and our combined portfolio of services create added value for both our customers and shareholders”, says Millog’s CEO Sami Pitkänen.
Millog carries on the established business activities of Western Shipyard and intends to develop them further to meet future customer needs.
“Western Shipyard has invested heavily in its own business, and we want to continue along this path of development. Joining forces allows us to serve our customers even better”, adds Manu Skyttä, Millog’s Vice President, New Business Areas.
Additional information:
Sami Pitkänen, President & CEO, sami.pitkanen@millog.fi
Pekka Niinistö, Member of the Board, pekka.niinisto@wsy.fi
Millog Oy is a leading expert in maintenance, materiel services and life-cycle management whose activities are based on long-term partnerships. Our core competence is the comprehensive maintenance and servicing of technical equipment and systems in both normal circumstances and emergency situations. We also serve civil industries for whom national security, security of supply and partnership are critical success factors. Millog Oy is part of Patria Group. The main owners of the company are Patria Plc and Insta Group Oy.
APX-Metalli Oy is a Finnish company whose main business is the manufacture of metal structures and parts of structures. The company has special expertise in various steel and aluminium products, welded structures, installation and repairs, and turnkey deliveries.