Harvia to invest in supply chain resilience by acquiring Phoenix El-Mec in Italy
September 29 2023 - 7:00AM
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. +358 40 5056 080 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
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