Harvia closes divestment of its ownership in EOS Group’s Russian operations

Press Release | 10 March 2023

Harvia closes divestment of its ownership in EOS Group’s Russian operations

Harvia announced on 7 November 2022 that it had signed an agreement to sell its 80.0% shareholding of EOS Russia to the company’s CEO Vasilij Sosenkov. Closing of the transaction was subject to official approvals in Russia. The necessary approvals have now been received and the share sale has been completed. After the completion of the transaction, Sosenkov owns 100.0% of EOS Premium SPA Technologies, the company which has been operating EOS Group’s Russian operations.

According to the agreement, all references to EOS or Harvia will be removed from the Russian company’s name, brand names or similar. EOS-related intellectual property rights stay in Harvia’s ownership. Additionally, the company has not and will not have any distribution or similar agreements with Harvia Group companies.

Harvia suspended its operations in Russia at the beginning of March 2022 due to the Russian invasion of Ukraine. Along with the divestment of the ownership in EOS Russia, Harvia has exited the Russian market altogether.

Sales in Russia accounted for 4.3% (EUR 7.5 million) of Harvia Group’s revenue in 2022. EOS Russia has not been consolidated in the Harvia Group figures as of November 2022.

For more information, please contact:

Tapio Pajuharju, CEO, tel. +358 50 5774 200

Ari Vesterinen, CFO, tel. +358 40 5050 440

Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna and spa market of both private and professional customers.

Harvia’s revenue totaled EUR 172.4 million in 2022. Harvia Group employs more than 600 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany and Estonia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.

Read more: https://harviagroup.com