Harvia to invest in supply chain resilience by acquiring Phoenix El-Mec in Italy

Harvia Plc press release 29 September 2023 at 2:00 p.m. EEST

Harvia has signed and closed an agreement to acquire Phoenix El-Mec srl, a manufacturer of electromechanical timers for sauna heaters.

Founded in 2013, Phoenix El-Mec produces reliable and high-quality timer switches that are a key component in Harvia’s basic sauna heaters. The company has been Harvia’s supplier since its establishment.

Phoenix El-Mec’s revenue totaled approximately EUR 1.4 million in 2022. In addition to sauna heaters, Phoenix El-Mex’s switches are also used in e.g. ovens, drying cabinets, and boilers. The company is located in Belluno, Northern Italy.

“Phoenix El-Mec has been a trusted supplier for Harvia for a long time. The acquisition will help us to further strengthen our supply chain and ensure the availability of this key component in our sauna heater production,” says Harvia CEO Matias Järnefelt. “The acquisition also supports one of the cornerstones of our strategy – continuous improvement of productivity and operational efficiency. With the timer production facility in Italy, we will be able to better meet the demand for Harvia’s basic sauna heaters in the market also in the future. As the original manufacturer, Phoenix El-Mec also delivers electromechanical timer switches to several well-known B2C brands in Europe, and we will continue to build and foster these brand partnerships in Harvia’s customer-oriented way.”

Phoenix El-Mec will continue operating at their current premises in Belluno with the current personnel of 13 employees.

For further information, please contact:

Matias Järnefelt, CEO, tel. 0

Ari Vesterinen, CFO, tel.  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.

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