Brief: Harvia Buys Still Water Hot Tub Manufacturer Kirami

Harvia Oyj

28/05/2021 07:06

May 28 (Reuters) - Harvia Oyj  HARVIA.HE :
    * HARVIA STRENGTHENS ITS POSITION IN THE SAUNA AND SPA
MARKET BY
ACQUIRING STILL WATER HOT TUB MANUFACTURER KIRAMI
    * SIGNED AND CLOSED AN AGREEMENT TO ACQUIRE KIRAMI OY
    * KIRAMI ALSO OWNS 50% OF AN ESTONIAN PRODUCTION COMPANY
METAGROUPP OÜ AND 51% OF A SALES COMPANY KIRAMI SWEDEN AB,
SHARES OF WHICH ARE INCLUDED IN TRANSACTION AS WELL.
    * PURCHASE PRICE IS EUR 7 MILLION AT CLOSING AND ON TOP OF
THIS, A
DELAYED PURCHASE PRICE OF EUR 0-4 MILLION AFTER A THREE YEARS'
PERIOD BASED ON KIRAMI'S EBITDA DEVELOPMENT
    * HARVIA WILL FINANCE ACQUISITION WITH CASH FUNDS.
    * ACQUISITION IS EXPECTED TO CREATE ANNUAL SYNERGIES OF
APPROXIMATELY ONE MILLION EUROS, WHICH ARE EXPECTED TO BE
REALIZED IN FULL BY END OF 2023.
    * IDENTIFIED KEY SOURCES OF SYNERGY COMPRISE DISTRIBUTION,
SOURCING AND LOGISTICS, AND RESEARCH AND DEVELOPMENT.
    * ONE-OFF INTEGRATION AND POST-CLOSING COSTS ARE ESTIMATED
TO
TOTAL EUR 0.4 MILLION OVER YEARS 2021 AND 2022.

Source text for Eikon:  ID:nNDL96XCCF 
Further company coverage:  HARVIA.HE 

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