HELSINKI, Finland, May 13 (UPI) -- Patria of Finland has completed the sale if its Space business unit to Switzerland's RUAG Space for an undisclosed sum.
The transaction included all the unit's business operations and assets, as well as the unit's 29 employees.
Under RUAG, Patria's Space is now named RUAG Space Finland.
"The Space unit has now a better growth basis and has more possibilities to develop further as a part of RUAG Group, where space is defined as a strategic priority", said Jukka Holkeri, chief strategy officer at Patria, a defense and security company.
Patria's Space supplied spacecraft control electronics, electrical power sub-systems, electronic units and related test equipment for space programs, including those of the European Space Agency, such as Sentinel-2, EarthCARE, Swarm and Gaia.
"Patria's space unit has extensive heritage and skills in satellite electronics," RUAG said in December, when the proposed sale was announced. "We see opportunities to develop new products, mainly targeting the commercial satellite market."
