The owners of the respective harbours, municipalities of Umeå and Vaasa, have agreed to set up a joint company, Kvarkenhamnar AB. The new entity with head office in Umeå will take over port management from the Swedish and Finnish local governments as from the 1st of January, 2015. Kvarkenhamnar AB will be owned 50/50 by the founders who will contribute with ca. EUR 1.65 mln each to the share capital. The ports' current staff will be employed in the new company. Kvarkenhamnar's board of directors will be equally split between Umeå and Vaasa. In the case when the board's president will come from Sweden, the company's CEO will be from Finland, and vice versa.