The stove manufacturer suspended its operations in Russia at the beginning of March after Russia attacked Ukraine.
Stove manufacturer Harvia says that he will sell his 80 percent ownership of EOS Russia to its CEO Vasili Sosenkov.
According to Harvia’s press release, the purchase price is a maximum of 600,000 euros, of which 400,000 euros will be paid during this year.
EOS Russia is the company responsible for the Russian operations of the German EOS Group bought by Harvia in 2020.
Harvia suspended its operations in Russia at the beginning of March after Russia attacked Ukraine. CEO of Harvia Tapio Pajuharjun with the sale of EOS, the company will completely exit the Russian market.
Business transaction after completion, CEO of EOS Russia Sosenkov owns the company entirely. Currently, his ownership is 20 percent.
According to the acquisition agreement, all references to the names EOS or Harvia will be removed from the name, product names and similar of the company operating in Russia. The intellectual property rights related to the Russian company remain owned by Harvia.
The Russian company also does not currently or in the future have distribution agreements with the Harvia Group. The company’s employees will continue to work for it.
The completion of the transaction requires the approval of the Russian authorities.
Last year, 11.5 million euros of Harvia Group’s turnover came from Russia. It was 6.4 percent of the entire turnover.
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