Harvia completes the acquisition of the business operations of Almost Heaven Saunas LLC

Stock Exchange Release | 31 December 2018


Harvia Oyj has completed the acquisition of the business operations of Almost Heaven Saunas LLC, which was announced by a stock exchange release on December 21, 2018. This acquisition supports Harvia's growth strategy in North America.

Almost Heaven Saunas is one of the leading sauna and spa product companies in the United States. The acquisition will enable Harvia to offer better and more extensive service to Harvia's customers in North America. Almost Heaven Saunas' revenues totaled in USD 8.7 million in 2017, with an EBIT of USD -0.3 million.

The results of the acquired business operations will be consolidated into the Harvia Group as of January 1, 2019. The impact of the acquisition on the balance sheet has been presented in the stock exchange release published on December 21, 2018.

Additional information:

Tapio Pajuharju, CEO, Tel: +358 50 577 4200

Ari Vesterinen, CFO, Tel: +358 40 505 0440

Harvia in short

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 60.1 million in 2017, its operating profit was EUR 9.3 million and adjusted operating profit EUR 10.7 million during the same period. The company employs some 380 professionals in Finland, China and Hong Kong, Romania, Austria, Germany and Estonia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.