Military equipment making is big business in Fennoscandia.

Impartiality has not prevented Sweden from becoming the largest arms exporter in the world per capita. Even in absolute terms, Sweden cracks top ten handily. In per capita measurement, NATO-member Norway aided by multi-billion annual revenues of Kongsberg Gruppen (OSE: KOG) is not far behind at number 5.

The countries have rules preventing arms sales to war-going countries but there are times when they may end up in places of conflict via third-party actions. Any major deal typically needs to be signed into by the States. Attaining the permits has rarely been a problem but some deals, particularly the recent decision to assist Saudi-Arabia arms plant have come under public scrutiny.

Swedish aerospace and defence company Saab AB (STO: SAAB B) is among the top thirty in sales for arms-producing and military services companies in the entire world excluding China according to the SIPRI Top 100. It is responsible for almost 50 per cent of the total arms sales of Sweden. Most recently it was reported that Brazil may be closing in on an order for JAS Gripen fighters. Saab had been hoping to land a contract from India but the country chose another manufacturer.

Government documents such as Strategic Export Control in 2010 – Military Equipment and Dual-Use Products do provide transparency and insight regarding the industry in Sweden for those interested. Proponents in all Nordic countries argue that the role of the nations in peace-keeping mission is compromised by arms exports.

Finnish Patria became widely known when it was alleged on bribery in Slovenia. The company is a large player in a number of military fields with armoured vehicles being its most well known product. It also just makes the SIPRI Top 100.

Other firms such as ammunition manufacturer Nordic Ammunition Group or Nammo, niche observation and aiming aids provider Simrad Optronics Group, large military vehicles business BAE Systems Hägglunds, explosives and propellants maker EURENCO, catapult UAV launching system maker Robonic, firearm manufacturer SAKO and others provide further value.

In Denmark defence industry is not as large. There are only couple dozen smaller players involved in the field. Electronic warfare systems and other high-tech solutions for airborne and space industry provider Terma A/S and command & control, military messaging and electronic warfare software provider Systematic A/S are the most notable of those.