Owatec Group Oy, an environmental company specialising in industrial wastewater treatment and recovery of by-products, acquired the majority share of Oulu-based Norfit Oy in February 2024. The acquisition aims to expand Owatec's range of turnkey services through pump services and expertise in wastewater management, create new work opportunities, and support Owatec's growth as a turnkey solutions provider for the green transition.
Norfit Oy, founded in 2014, specialises in the maintenance of pumps and the installation and maintenance of water transfer systems. In 2023, the turnover was 738 thousand euros, with a fiscal year result of 73 thousand euros. The turnover increased by 17.1% from the previous year.
From February 2024 onwards, Norfit will continue its operations under the name Owatec Service as a subsidiary of the organisation.
The subsidiary operates under the leadership of the original CEO, Heikki Heilala. In addition to Heikki, Norfit's employees and Owatec Group's process operators will continue representing Owatec Service. The integration improves the existing range of services and opens new working opportunities in the region as the company grows.
Owatec Group's CEO, Jaakko Pellinen, commented on the acquisition: "This is a significant step forward in making wastewater management in line with the circular economy accessible to all. Our turnkey service solutions have facilitated industrial wastewater management since 2019, and as demand increases, enhancing expertise is a strategically significant part of the company's development."
Technologies, automation, and a service-based solution model enable customers to have optimised processes around the clock. With modular cleantech units, customers do not need to make an initial investment, and the necessary solutions can be rented, leased, or purchased outright, depending on the agreement. This strengthens Owatec Group's journey in the cleantech industry, highlighting the company's commitment to sustainable growth in line with the circular economy. This change will enable the development of an advanced customer journey and service model, ensuring even stronger growth as a provider of comprehensive solutions for industrial wastewater and sludge treatment.
Owatec Group is a Finnish cleantech company that implements business in line with the circular economy, specialising in treating industrial wastewater and sludges and recovering valuable components from by-products using complete solutions built in shipping containers. Our operations broadly impact the environmental burden of several industrial sectors, so the ripple effects on promoting biodiversity are substantial. The organisation includes two subsidiaries, Owatec AS and Owatec Service.
Owatec Group's revenue in 2021 was 1.6 million euros; in 2022, revenue grew to 3.9 million euros. The revenue for 2023 was 5.03 million euros, and a significant continuation of growth is forecasted for 2024.
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