Nammo Group is owned in equal shares by Patria (50%) and the state of Norway (50%). In Patria’s financial statements, Nammo Group was redefined, at the beginning of 2014, as a joint venture, and is now consolidated using the equity method instead of the proportionate method.
Nammo is strongly focused on the international market, with more than 70 per cent of its turnover originating from outside the Nordic countries, with the USA and Canada being the largest markets. The company has continued developing along a stable track, despite significant cuts to defence budgets worldwide.
NEW BUSINESS AREAS IN FINLAND
In 2014, Nammo Lapua Oy, a subsidiary of Nammo, acquired an ammunition production facility, located in Sastamala and owned at the time by Patria. With this contract in effect, the production of components for heavy ammunition will continue in Finland. Nammo will take ownership of the Sastamala production facility, providing employment to a substantial proportion of the personnel now engaged in production at the plant. Earlier during the financial year, Nammo Lapua Oy purchased the Vihtavuori gunpowder factory from the French Eurenco.
Nammo’s strengths include high technology, an extensive product range and operations in the international market. The company’s key market areas include the Nordic countries, North America and Europe.
Nammo’s business focus areas vary from year to year, depending on market developments, with the various areas even compensating for each other’s developments. The Nammo Group continues to seek growth in its current markets, both organically and through acquisitions. Nammo AS publishes its own annual report and corporate responsibility report, available on the company’s website at www.nammo.com.