Summa Defence Ltd is a new Finnish defence consortium
30.7.2024 at 08:00 (EET)
A new defence consortium,Summa Defence Ltd, has been founded in Finland, bringing together Finnish defence companies and creating a powerhouse in the industry. The strengths of this new, significant defence actor include Finnish entrepreneurship, technological expertise, and the ability to bring innovation to industrial-scale production.
The establishment of Summa Defence is based on a long-recognized need in Finland and the European Union (EU) to create situational awareness and industrial-scale production. New avenues to finance will enable the strongly increased demand for defence products and services to be filled.
The company’s goal is strong international growth and maximizing the performance together with international partners.
The company aims to grow into a group with over 500 million euros revenue before 2028. Summa Defence is also exploring the possibility of listing on the Nasdaq Helsinki Stock Exchange within the next 12 months.
The key components of Summa Defence’s products relate to situational awareness, mobility, and protection.“There is a huge need in Europe for the defence industry to develop, innovate and accelerate its operations. Our new company responds to this call and creates a home for small and medium-sized Finnish defence companies so that they can grow, develop, and internationalize successfully,”says Jussi Holopainen, CEO of Summa Defence, and continues:
“Finland has competent and diverse Defence industry, whose capabilities are now needed both domestically and abroad, also for dual-use products. Finland is known for its innovation ability which is now enhanced by the financial backing provided by Summa Defence creating new opportunities for the small and medium-sized Finnish Defence industry companies. Working together and using our collective strength, we are always stronger than the sum of our parts.”
Summa Defence offers tomorrow’s solutions for the Defence industry
The Defence industry has changed in recent years. It is vital that the Finnish Defence industry constantly innovates and creates relevant offering that has steady demand in the future in both the domestic and foreign markets.
Traditional warfare has been augmented with the high tech reconnaissance equipment, drones, long range precision guided munitions and electronic warfare. It is of paramount importance that Finland finds new ways to prepare for the future as a NATO and EU member and as an important partner to the United States. By combining the Finnish defence expertise and companies, we can improve the security of Finland and develop internationally significant innovations.“War always has a wide-ranging effect on society. Keeping peace requires collaboration on a broad front. The overall security of citizens, civil protection, supply security, and supporting Finland’s self-sufficiency are at the core of our operations,”says Markku Kankaala, the founder shareholder and Chairman of Summa Defence. Markku Kankaala.
Media contacts and interview requests for the CEO:
Mikael Hästbacka
+358 40 555 3 222
contact@summadefence.com
