Millog Oy’s latest acquisition brings a new subsidiary to the fold: Laivakone Oy
Millog Oy has signed an agreement to acquire the entire share capital of Laivakone Oy. Ownership will be transferred to Millog on 1 October 2021, and the company will continue to operate as an independent subsidiary under Millog’s ownership. Laivakone’s CEO, Harri Elonen, will continue to manage the subsidiary’s operations. The transaction will not impact the ownership base of H&H Tech GmbH, which is owned by Laivakone and operates out of Lübeck in Germany.
Laivakone’s business consists of maintenance services for ships, power plants, and industrial machinery and equipment. The company was founded in 1969. Its net sales for the previous accounting period amounted to EUR 1.5 million, and the company employs 13 people. Laivakone’s customers include Finnlines, Fortum, Tallink Silja, ESL Shipping, Askalon Process and Millog.
“This change is a good thing for both our personnel and our customers. Operating as a subsidiary of Millog will give us a great opportunity to develop our operations, and the acquisition will guarantee business continuity. We see Millog as the best possible owner to continue the story of our company, which already reaches back more than fifty years,” says Elonen.
“In recent years, we’ve been strategically expanding into new fields and have successfully managed to integrate new subsidiaries into our corporate family. We ensure that our subsidiaries have the best chance for success by utilising shared services according to each company’s needs, and by creating a one-stop-shop that can provide our customers with a broad range of services. This acquisition will lead to further growth and help us strengthen security of supply in Finland, both now and in the future. This will be done through the profound expertise and top-quality services of our long-term partner, Laivakone Oy,” says Millog’s CEO, Sami Pitkänen.
“Together with their owners Patria and Insta, the Millog companies are now able to provide an unbeatable maintenance services package for shipping in and around the Gulf of Bothnia and Gulf of Finland in addition to the rest of their offering, which includes a very broad range of maintenance services for reserve power engines in Finland,” he says.
By joining Millog, Laivakone will be able to continue its current business while also receiving support for further development.
“Laivakone is an important part of the new Millog. Millog and its subsidiaries are now able to provide even better service to our customers and meet their changing needs,” says Manu Skyttä, Vice President, New Business Areas at Millog.
Sami Pitkänen, President & CEO, [email protected]
Manu Skyttä, Vice President, New Business Areas, +358 40 099 9822, [email protected]
Harri Elonen, CEO, +358 40 050 1763, [email protected]
Millog 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 and Insta Group Oy.