Harvia Plc press release February 11, 2021 at 9.10 a.m. EET
Harvia has agreed to buy a facility suited for the production of sauna and spa products in Lewisburg, West Virginia, USA. The value of the transaction is approximately EUR 2.1 million.
The facility being purchased comprises high-quality production and office space totaling 8,900 m². The new facility is expected to increase the production capacity of Almost Heaven Saunas by approximately one third, thanks to a new layout and production lines, as well as improved production processes. Production in the new facility is expected to begin in September 2021. In addition, the new facility offers an opportunity to increase and diversify production capacity significantly in the future.
“The demand for saunas in the US market was very strong in 2020. With the new production facility in Lewisburg, we will be able to better meet the demand, grow and further strengthen our position in the market,” says Tapio Pajuharju, CEO, Harvia Plc. “This investment also supports one of the cornerstones of our strategy – continuous improvement of productivity.”
Harvia’s revenue in North America totaled EUR 20.8 million in 2020, representing a year-on-year growth of 76.4 percent. Harvia invested in expanding the production capacity of Almost Heaven Saunas also in 2020, and the related machinery will be installed during the first quarter of 2021.
The acquisition is subject to normal due diligence and other conditions of closing, and it is expected to be closed by April 2021.
For further information, please contact:
CEO Tapio Pajuharju, tapio.pajuharju@harvia.fi, tel. +358 50 577 4200
CFO Ari Vesterinen, ari.vesterinen@harvia.fi, tel. +358 40 505 0440
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 109.1 million in 2020. Harvia Group employs more than 600 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany, Estonia and Russia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.
Read more: https://harviagroup.com
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