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Merger of two leading manufacturers of thermally modified wood Thermory AS and Ha Serv OÜ

PRESS RELEASE

On July 27th 2018, wood manufacturing companies Thermory AS and Ha Serv OÜ signed a merger agreement. Both companies specialize in the production and promotion of thermally modified wood. The transaction is expected to be completed by the end of October this year. Until then the two companies will continue to operate separately.

Thermory AS is the largest producer of thermally modified hardwoods in the world, exporting to more than 50 countries globally. Thermory’s consolidated turnover in 2017 was 33.7 million euros, of which thermally modified decking and cladding account for the main part. The production facility is located near Tallinn and the sales office in Tallinn, Estonia. Thermory AS has a subsidiary company in the USA and sawmills in Belarus and Estonia. Thermory group employs 280 people.

Ha Serv OÜ is a leading manufacturer of sauna materials, finished saunas and thermally modified wood, exporting to over 34 countries. In 2017, the company acquired a Finnish company Suomen Lämpöpuu Oy, a specialized manufacturer of thermally modified wood products. Ha Serv OÜ production is located near Tartu, sales offices are in Tallinn, Estonia and Teuva, Finland. Ha Serv OÜ and its subsidiary company had a consolidated turnover of 30.6 million euros in 2017, of which the main part came from sales of sauna materials and finished saunas. Ha Serv group employs 220 people.

The aim of the merger is to create conditions for long-term growth by increasing efficiency and expanding the product portfolio and market reach. “Joining forces throughout the whole supply chain, starting from procurement of raw materials, increased production efficiency, improved investment possibilities and a more innovative product portfolio is beneficial to all stakeholders, from company staff to end customers,” said Marko Kevvai, CEO of Ha Serv OÜ. The CEO of Thermory AS Johann Sulling added: “The positive impacts of the merger should be seen already in 2019.”

The contracts and contact details of the merging companies will remain the same.

Clients, suppliers and other partners will be kept updated on the closing of the merger and future developments. Further information will be published on the homepages of both companies (www.thermory.com and www.haserv.ee).

 

For more information please contact:

Thermory AS Ha Serv OÜ
Johann Sulling Marko Kevvai
CEO CEO
Email: Johann.Sulling@thermory.com Email: marko@haserv.ee
Phone: +372 509 4402 Phone: +372 513 0523

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