Defense contractor Milrem to expand Tallinn workshop

Milrem's Themis system at an exhibition (Milrem)
8/29/2016 5:45 PM
Source: BNS
Category: Business

Estonian defense contractor AS Milrem announced that it will expand its Tallinn workshop due to different development and cooperation projects, and added that it would soon add a construction tender.

“We have expanded our team of engineers, and it will grow even more this year. The scope of development has been increasing due to cooperation projects where we integrate different solutions in our platform, ranging from weapons systems to radar, intelligence, and monitoring systems,” Milrem’s CEO, Kuldar Väärsi, told BNS.

In early October the company will participate in the biggest military trade fair of the United States, AUSA, with a cooperation partner whose name Väärsi wasn’t ready to mention yet. The joint venture is directed at the SMET program of the U.S. Army, which is to be commissioned in the coming years, and in the course of which the army was planning to buy more than 2,000 units of unmanned ground platforms, Väärsi said.

Milrem’s 2015 revenue reached €1.5m, no revenue was reported in 2014. The company's profit was €64,000.

According to Väärsi, Milrem can currently manage on its own, but he added that they were also in talks with potential investors.

At the end of 2015, the company had a workforce of 20 people, and wage costs totaled €265,000.

Editor: Dario Cavegn

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